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.
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SBA Glossary

Common SBA Terms

Everything you need to know about common terms used to discuss SBA Loans.
Lien
A legal claim against an...
Cash-basis Accounting
records revenue when cash is...
Prime Contract
A contract awarded directly...
Emerging Small Business
A small business concern whose...
B/E (Business EIDL) Loan
A business loan that...
Partnership
A type of unincorporated business org...
Companion File
When an applicant has another application filed...
Affiliate
Business concerns are affiliates if one concern...
Credit Score Test
Part of the home loan CET show a...
Normal Annual Sales
Those sales that would have...
Adjusted Net Worth
Post disaster fair market value of tangible...
Injury Period
The time period during...
Contracting
Purchasing, renting, leasing, or...
Business Activity
The business (or loss) activity of...
Economic Injury Disaster Loan (EIDL)
a working capital loan that...

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