Glossary
SBA Terms

Fair and Reasonable Price

A price that is fair to both parties, considering the agreed-upon conditions, promised quality, and timeliness of contract performance. "Fair and reasonable" price is subject to statutory and regulatory limitations.

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.
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SBA 504 Loans

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

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

Common SBA Terms

Everything you need to know about common terms used to discuss SBA Loans.
SCORE
Counselors to America's Small Bus...
Credit Score Test
Part of the home loan CET show a...
Emerging Small Business
A small business concern whose...
Liabilities
A financial obligation...
Companion File
When an applicant has another application filed...
GPM%
The measure of every sales dollar left...
Standard Industrial Classification (SIC) Code
A code representing a category within...
Collateral
Assets pledged by a borrower to secure a loan...
Primary Activity
The major business activity of...
Business Activity
The business (or loss) activity of...
Full and Open Competition
With respect to a contract action...
Loan Authorization and Agreement (LA&A)
A contract between SBA and the borrower that...
Electronic Data Interchange
Transmission of information bet...
Corporation (C-corp.)
The most common form of business org...
Small Disadvantaged Business Concern
A small business concern that...

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