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.
P&L (Profit and Loss Statement)
also considered as Income Statement or...
S-Corporation
A form of corporation, allowed by...
Certificate of Competency
A certificate issued by the Small Bus...
Prime Contract
A contract awarded directly...
Guarantor
The legal entity and...
Injury Period
The time period during...
Physical Loans
Funds to repair/replace dis...
Current Assets
A balance sheet item which equals...
Projection
An estimate of future economic or...
Fair and Reasonable Price
A price that is fair to both parties...
Days Receivable
A measure of the average time a...
Capital Leases
are for the purchase of fixed assets such as...
Amortization
A non-cash operating expense that...
Extraordinary Items
Additional expenses that are...
Partnering
A mutually beneficial business-to-bus...

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