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.
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SBA Microloans

The average Microloan is about $13,000. The Microloans program provides loans up to $50,000 to small businesses.
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SBA Glossary

Common SBA Terms

Everything you need to know about common terms used to discuss SBA Loans.
Negotiation
Contracting through the use of...
Defense Acquisition Regulatory Council (DARC)
A group composed of rep...
Schedule of Liabilities
A business debt schedule that lists all of the debts...
Small Business
A business smaller than...
Standard Industrial Classification (SIC) Code
A code representing a category within...
Contracting Officer
A person with the authority to...
Certified 8(a) Firm
A firm owned and operated by socially and...
Days Receivable
A measure of the average time a...
Best and Final Offer
For negotiated procurements...
Prime Contract
A contract awarded directly...
Amortization
A non-cash operating expense that...
Cash Flow Test
Part of the CET that determines if...
Accrual Basis Accounting
recognizes revenues when earned and expenses are...
Joint Venture
In the SBA Mentor-Protégé Program...
Guarantor
The legal entity and...

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