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.
Electronic Data Interchange
Transmission of information bet...
Equity
An accounting term used to...
Small Business
A business smaller than...
Hardship Waiver
Method used to approve a...
Liabilities
A financial obligation...
NAICS
NAICS codes are common...
DBA
ex. Blocker & Sons LLC, doing business as Bob's Burgers
Affiliate
Business concerns are affiliates if one concern...
Injury Period
The time period during...
Amortization
A non-cash operating expense that...
Loan Authorization and Agreement (LA&A)
A contract between SBA and the borrower that...
Sole Proprietor
an individual who...
Standard Industrial Classification (SIC) Code
A code representing a category within...
Lien
A legal claim against an...
Mentor
A business, usually large, or...

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