Contract

A mutually binding legal relationship obligating the seller to furnish supplies or services (including construction) and the buyer to pay for them.

Updated on
September 9, 2022
Published on
June 20, 2018
The 7(a) Loan Program, SBA’s most common loan program, includes assistance for each business with unique needs.
SBA 504 loans are very popular for long-term, fixed rate financing of up to $5 million for major fixed assets.
The average Microloan is about $13,000. The Microloans program provides loans up to $50,000 to small businesses.
SBA Glossary

Common SBA Terms

Everything you need to know about common terms used to discuss SBA Loans.
Schedule of Liabilities
A business debt schedule that lists all of the debts...
Contractor Team Arrangement
An arrangement in which...
Limited Liability Entities (company/partnership)
An LLE provides business owners with...
Credit Score Test
Part of the home loan CET show a...
Available Asset Test
Part of the CET that determines if an applicant(s) has...
Credit Elsewhere Test (CET)
The test to determine the...
Applicant/Co-Applicant
Business entity and person requesting...
Affiliates
Business concerns, organizations, or...
Amortization
A non-cash operating expense that...
Extraordinary Items
Additional expenses that are...
Injury Analysis
Measures the effects of...
Principal
the owner(s) of the Applicant Entity that...
Joint Venture
In the SBA Mentor-Protégé Program...
Current Liabilities
A balance sheet item, which...
Liabilities
A financial obligation...

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