We are acquiring a company by using an SBA 7a loan. After the deal closes, we'd like to bring in some outside investors and essentially do a recap where they will owen 33%.

The only information I can find online about this is some statements in 2020 saying the SBA needs approve. But it was mainly related to PPP loans, and nothing specifies why they would or would not approve. Does anyone know if the SBA does allow for changes to the cap table within the first 12 mos of an acquisition?