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.
Explore 7a loans

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.
Days Payable
A measure of the average time a...
Electronic Data Interchange
Transmission of information bet...
Substantial Damage
This means uninsured or otherwise uncompensated...
Phase 1
Process used to determine the...
Subcontract
A contract between a prime cont...
Contracting Officer
A person with the authority to...
Comparative Analysis
Is designed to point out significant trends that...
Intermediary Organization
Organizations that play a funda...
Credit Score Test
Part of the home loan CET show a...
Defense Contractor
Any person who enters into...
Applicant Individual
aka who is requesting an SBA loan...
Physical Loans
Funds to repair/replace dis...
Available Asset Test
Part of the CET that determines if an applicant(s) has...
Hardship Waiver
Method used to approve a...
Joint Venture
In the SBA Mentor-Protégé Program...

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