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.
Corporation (C-corp.)
The most common form of business org...
Liabilities
A financial obligation...
Subcontract
A contract between a prime cont...
S-Corporation
A form of corporation, allowed by...
Companion File
When an applicant has another application filed...
Substantial Damage
This means uninsured or otherwise uncompensated...
NAICS
NAICS codes are common...
Guarantor
The legal entity and...
Trend Analysis
A comparative analysis of...
Phase 1
Process used to determine the...
Partnership
A type of unincorporated business org...
Cash Available to Service Additional Debt (CASAD)
The cash flow determined that...
Standard Industrial Classification (SIC) Code
A code representing a category within...
Loan Authorization and Agreement (LA&A)
A contract between SBA and the borrower that...
Applicant Entity
The business entity requesting...

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