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.
Economic Injury Disaster Loan (EIDL)
a working capital loan that...
P&L (Profit and Loss Statement)
also considered as Income Statement or...
Applicant/Co-Applicant
Business entity and person requesting...
Operating Leases
are deducted on the company’s...
Credit Elsewhere Test (CET)
The test to determine the...
Best and Final Offer
For negotiated procurements...
Standard Industrial Classification (SIC) Code
A code representing a category within...
Credit Score Test
Part of the home loan CET show a...
Lien
A legal claim against an...
Applicant Individual
aka who is requesting an SBA loan...
Amortization
A non-cash operating expense that...
S-Corporation
A form of corporation, allowed by...
Phase 1
Process used to determine the...
Limited Liability Entities (company/partnership)
An LLE provides business owners with...
Defense Acquisition Regulatory Council (DARC)
A group composed of rep...

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