Full and Open Competition

With respect to a contract action, "full and open" competition means that all responsible sources are permitted to compete.

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.
Small Business Development Centers (SBDC)
SBDCs offer a broad spec...
GPM%
The measure of every sales dollar left...
Days Payable
A measure of the average time a...
Companion File
When an applicant has another application filed...
Break-even Analysis
A calculation of the approximate sales...
Certified 8(a) Firm
A firm owned and operated by socially and...
Certificate of Competency
A certificate issued by the Small Bus...
SAE (Stand Alone Economic Injury Disaster Loan)
provide necessary working capital to...
Working Capital (WC)
The amount of current assets that...
Affiliates
Business concerns, organizations, or...
S-Corporation
A form of corporation, allowed by...
Negotiation
Contracting through the use of...
Fair and Reasonable Price
A price that is fair to both parties...
Emerging Small Business
A small business concern whose...
Applicant Entity
The business entity requesting...

Get the quick rundown on SBA Loans

Join over 4,000+ small business owners already growing with us.