NFRL

Non-Federally Regulated Lender (NFRL) is a business concern that is authorized by the SBA to make loans under section 7 and is subject to regulation by a state but whose lending activities are not regulated by a Federal Financial Institution Regulator.

Source

13 CFR § 120.10

Scoping language

The following terms have the same meaning wherever they are used in this part. Defined terms are capitalized wherever they appear.