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.
Affiliates
Business concerns, organizations, or...
Credit Score Test
Part of the home loan CET show a...
Assets
The amount of current assets that is left...
Schedule of Liabilities
A business debt schedule that lists all of the debts...
GPM%
The measure of every sales dollar left...
Liabilities
A financial obligation...
Substantial Damage
This means uninsured or otherwise uncompensated...
Physical Loans
Funds to repair/replace dis...
Defense Contractor
Any person who enters into...
Normal Annual Sales
Those sales that would have...
Corporation (C-corp.)
The most common form of business org...
Small Business Innovative Research (SBIR) Contract
A type of contract designed to...
Full and Open Competition
With respect to a contract action...
Duplicated Interest
The amount of interest exp...
Contract
A mutually binding legal rel..

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