Glossary
SBA Terms

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
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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.
Explore 7a loans

SBA 504 Loans

SBA 504 loans are very popular for long-term, fixed rate financing of up to $5 million for major fixed assets.
Explore 504 loans

SBA Microloans

The average Microloan is about $13,000. The Microloans program provides loans up to $50,000 to small businesses.
Explore microloans
SBA Glossary

Common SBA Terms

Everything you need to know about common terms used to discuss SBA Loans.
Applicant Entity
The business entity requesting...
SCORE
Counselors to America's Small Bus...
Income Statement
Shows the entity’s income and...
Loan Authorization and Agreement (LA&A)
A contract between SBA and the borrower that...
Electronic Data Interchange
Transmission of information bet...
Duplicated Interest
The amount of interest exp...
Subcontract
A contract between a prime cont...
Operating Leases
are deducted on the company’s...
Business Activity
The business (or loss) activity of...
Partnership
A type of unincorporated business org...
NAICS
NAICS codes are common...
Comparative Analysis
Is designed to point out significant trends that...
Fair and Reasonable Price
A price that is fair to both parties...
Collateral
Assets pledged by a borrower to secure a loan...
Full and Open Competition
With respect to a contract action...

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