Glossary
SBA Terms

Full and Open Competition

With respect to a contract action, "full and open" competition means that all responsible sources are permitted to compete.

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.
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.
Equity
An accounting term used to...
Cash-basis Accounting
records revenue when cash is...
Small Business
A business smaller than...
Duplicated Interest
The amount of interest exp...
Liabilities
A financial obligation...
Corporation (C-corp.)
The most common form of business org...
Contractor Team Arrangement
An arrangement in which...
Extraordinary Items
Additional expenses that are...
Current Assets
A balance sheet item which equals...
Applicant Individual
aka who is requesting an SBA loan...
Injury Period
The time period during...
Acquisition
The acquiring of supplies or...
Subcontract
A contract between a prime cont...
Small Business Innovative Research (SBIR) Contract
A type of contract designed to...
Loan Authorization and Agreement (LA&A)
A contract between SBA and the borrower that...

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