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.
Contracting Officer
A person with the authority to...
Days Payable
A measure of the average time a...
Loan Authorization and Agreement (LA&A)
A contract between SBA and the borrower that...
Applicant/Co-Applicant
Business entity and person requesting...
Negotiation
Contracting through the use of...
Lien
A legal claim against an...
Limited Liability Entities (company/partnership)
An LLE provides business owners with...
Hardship Waiver
Method used to approve a...
Contractor Team Arrangement
An arrangement in which...
Principal
the owner(s) of the Applicant Entity that...
Companion File
When an applicant has another application filed...
Collateral
Assets pledged by a borrower to secure a loan...
Working Capital (WC)
The amount of current assets that...
Depreciation
A non-cash operating expense that...
Subcontract
A contract between a prime cont...

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