Glossary
SBA Terms

Contract

A mutually binding legal relationship obligating the seller to furnish supplies or services (including construction) and the buyer to pay for them.

Updated on
September 9, 2022
Published on
June 20, 2018
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SBA 7a Loans

The 7(a) Loan Program, SBA’s most common loan program, includes assistance for each business with unique needs.
Explore 7a loans

SBA 504 Loans

SBA 504 loans are very popular for long-term, fixed rate financing of up to $5 million for major fixed assets.
Explore 504 loans

SBA Microloans

The average Microloan is about $13,000. The Microloans program provides loans up to $50,000 to small businesses.
Explore microloans
SBA Glossary

Common SBA Terms

Everything you need to know about common terms used to discuss SBA Loans.
Full and Open Competition
With respect to a contract action...
Defense Acquisition Regulatory Council (DARC)
A group composed of rep...
Acquisition
The acquiring of supplies or...
Normal Annual Sales
Those sales that would have...
Partnership
A type of unincorporated business org...
Small Business Innovative Research (SBIR) Contract
A type of contract designed to...
Certificate of Competency
A certificate issued by the Small Bus...
Intermediary Organization
Organizations that play a funda...
Projection
An estimate of future economic or...
Extraordinary Items
Additional expenses that are...
Current Assets
A balance sheet item which equals...
Schedule of Liabilities
A business debt schedule that lists all of the debts...
Business Activity
The business (or loss) activity of...
Best and Final Offer
For negotiated procurements...
Available Asset Test
Part of the CET that determines if an applicant(s) has...

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