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.
Prime Contract
A contract awarded directly...
Income Statement
Shows the entity’s income and...
SCORE
Counselors to America's Small Bus...
Partnering
A mutually beneficial business-to-bus...
Balance Sheet or Statement of Financial Position
Assets = Liabilities + Equity...
Small Disadvantaged Business Concern
A small business concern that...
Credit Elsewhere Test (CET)
The test to determine the...
Operating Leases
are deducted on the company’s...
P&L (Profit and Loss Statement)
also considered as Income Statement or...
Contracting Officer
A person with the authority to...
Emerging Small Business
A small business concern whose...
Intermediary Organization
Organizations that play a funda...
B/E (Business EIDL) Loan
A business loan that...
Certified 8(a) Firm
A firm owned and operated by socially and...
Principal
the owner(s) of the Applicant Entity that...

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