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.
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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.
P&L (Profit and Loss Statement)
also considered as Income Statement or...
Small Business Development Centers (SBDC)
SBDCs offer a broad spec...
Prime Contract
A contract awarded directly...
Extraordinary Items
Additional expenses that are...
Full and Open Competition
With respect to a contract action...
Days Payable
A measure of the average time a...
Physical Loans
Funds to repair/replace dis...
Standard Industrial Classification (SIC) Code
A code representing a category within...
Cash Flow Test
Part of the CET that determines if...
Protégé
A firm in a developmental stage that...
Loan Authorization and Agreement (LA&A)
A contract between SBA and the borrower that...
Hardship Waiver
Method used to approve a...
Limited Partnership
A business organization with one or...
S-Corporation
A form of corporation, allowed by...
Normal Gross Margin
The margin that would have been...

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