Glossary
SBA Terms

Fair and Reasonable Price

A price that is fair to both parties, considering the agreed-upon conditions, promised quality, and timeliness of contract performance. "Fair and reasonable" price is subject to statutory and regulatory limitations.

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.
Limited Partnership
A business organization with one or...
Subcontract
A contract between a prime cont...
Limited Liability Entities (company/partnership)
An LLE provides business owners with...
Small Business Innovative Research (SBIR) Contract
A type of contract designed to...
Collateral
Assets pledged by a borrower to secure a loan...
Principal
the owner(s) of the Applicant Entity that...
Business Activity
The business (or loss) activity of...
Applicant Individual
aka who is requesting an SBA loan...
P&L (Profit and Loss Statement)
also considered as Income Statement or...
Trend Analysis
A comparative analysis of...
Standard Industrial Classification (SIC) Code
A code representing a category within...
Acquisition
The acquiring of supplies or...
Full and Open Competition
With respect to a contract action...
Mentor
A business, usually large, or...
Current Liabilities
A balance sheet item, which...

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