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.
Prime Contract
A contract awarded directly...
Applicant Entity
The business entity requesting...
Limited Partnership
A business organization with one or...
Balance Sheet or Statement of Financial Position
Assets = Liabilities + Equity...
Small Business Innovative Research (SBIR) Contract
A type of contract designed to...
Phase 2
Process to be used to determine economic injury for...
B/E (Business EIDL) Loan
A business loan that...
Request for Proposal (RFP)
A document outlining a...
P&L (Profit and Loss Statement)
also considered as Income Statement or...
Affiliates
Business concerns, organizations, or...
Phase 1
Process used to determine the...
Working Capital (WC)
The amount of current assets that...
Affiliated Group
When two or more...
S-Corporation
A form of corporation, allowed by...
Partnering
A mutually beneficial business-to-bus...

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