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.
B/E (Business EIDL) Loan
A business loan that...
Accrual Basis Accounting
recognizes revenues when earned and expenses are...
Applicant Individual
aka who is requesting an SBA loan...
Loan Authorization and Agreement (LA&A)
A contract between SBA and the borrower that...
Comparative Analysis
Is designed to point out significant trends that...
Small Business Development Centers (SBDC)
SBDCs offer a broad spec...
Small Business Innovative Research (SBIR) Contract
A type of contract designed to...
SAE (Stand Alone Economic Injury Disaster Loan)
provide necessary working capital to...
Operating Leases
are deducted on the company’s...
Principal
the owner(s) of the Applicant Entity that...
Injury Period
The time period during...
S-Corporation
A form of corporation, allowed by...
Phase 2
Process to be used to determine economic injury for...
Available Asset Test
Part of the CET that determines if an applicant(s) has...
Fair and Reasonable Price
A price that is fair to both parties...

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