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.
DBA
ex. Blocker & Sons LLC, doing business as Bob's Burgers
Injury Period
The time period during...
Sole Proprietor
an individual who...
Emerging Small Business
A small business concern whose...
Small Business Innovative Research (SBIR) Contract
A type of contract designed to...
Loan Authorization and Agreement (LA&A)
A contract between SBA and the borrower that...
Business Activity
The business (or loss) activity of...
Defense Acquisition Regulatory Council (DARC)
A group composed of rep...
Schedule of Liabilities
A business debt schedule that lists all of the debts...
Cash-basis Accounting
records revenue when cash is...
Subcontract
A contract between a prime cont...
Projection
An estimate of future economic or...
Companion File
When an applicant has another application filed...
Coastal Barrier Resource Area (COBRA)
A flood prone area in which...
Liabilities
A financial obligation...

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