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.
Defense Contractor
Any person who enters into...
Protégé
A firm in a developmental stage that...
Sole Proprietor
an individual who...
Request for Proposal (RFP)
A document outlining a...
Affiliates
Business concerns, organizations, or...
Full and Open Competition
With respect to a contract action...
Contract
A mutually binding legal rel..
Applicant Individual
aka who is requesting an SBA loan...
Operating Leases
are deducted on the company’s...
Subcontract
A contract between a prime cont...
Lien
A legal claim against an...
Credit Elsewhere Test (CET)
The test to determine the...
Companion File
When an applicant has another application filed...
Small Business Innovative Research (SBIR) Contract
A type of contract designed to...
Intermediary Organization
Organizations that play a funda...

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