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.
Injury Period
The time period during...
Electronic Data Interchange
Transmission of information bet...
Fair and Reasonable Price
A price that is fair to both parties...
Contracting
Purchasing, renting, leasing, or...
Liabilities
A financial obligation...
Lien
A legal claim against an...
Credit Score Test
Part of the home loan CET show a...
Small Business Development Centers (SBDC)
SBDCs offer a broad spec...
Cash Flow Test
Part of the CET that determines if...
Applicant Entity
The business entity requesting...
Coastal Barrier Resource Area (COBRA)
A flood prone area in which...
Phase 2
Process to be used to determine economic injury for...
Applicant Individual
aka who is requesting an SBA loan...
Operating Leases
are deducted on the company’s...
Full and Open Competition
With respect to a contract action...

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