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.
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SBA Glossary

Common SBA Terms

Everything you need to know about common terms used to discuss SBA Loans.
Principal
the owner(s) of the Applicant Entity that...
Companion File
When an applicant has another application filed...
Limited Liability Entities (company/partnership)
An LLE provides business owners with...
Trend Analysis
A comparative analysis of...
Substantial Damage
This means uninsured or otherwise uncompensated...
Injury Period
The time period during...
Fair and Reasonable Price
A price that is fair to both parties...
Primary Activity
The major business activity of...
Assets
The amount of current assets that is left...
Intermediary Organization
Organizations that play a funda...
Phase 1
Process used to determine the...
Corporation (C-corp.)
The most common form of business org...
Certified 8(a) Firm
A firm owned and operated by socially and...
Electronic Data Interchange
Transmission of information bet...
Affiliate
Business concerns are affiliates if one concern...

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