INDEPENDENT AND QUALIFIED PUBLIC ACCOUNTANTS 
Public accountants are independent when neither they nor any of their family have a material, direct, or indirect financial interest in the borrower other than as an accountant. They are qualified, unless there is contrary evidence, when they are either (1) certified, licensed, or otherwise registered if so required by the state in which they work, or (2) have worked as a public accountant for at least five years and are accepted by SBA. 

 

INDUSTRIAL REVENUE BOND (IRB) 
A tax-exempt bond issued by a state or local government agency to finance industrial or commercial projects that serve a public good. The bond usually is not backed by the full faith and credit of the government that issues it, but is repaid solely from the revenues of the project and requires a private sector commitment for repayment. 

 

INNOVATION  
Introduction of a new idea into the marketplace in the form of a new product or service or an improvement in organization or process. 

 

INSOLVENCY  
The inability of a borrower to meet financial obligations as they mature or having insufficient assets to pay legal debts. 

 

INTEREST  
An amount paid a lender for the use of funds. 

 

INVERSE ORDER OF MATURITY 
When payments are received from borrowers that are larger than the authorized repayment schedules, the overpayment is credited to the final installments of the principal, which reduces the maturity of the loan and does not affect the original repayment schedule.