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.
Primary Activity
The major business activity of...
Defense Acquisition Regulatory Council (DARC)
A group composed of rep...
Full and Open Competition
With respect to a contract action...
Affiliates
Business concerns, organizations, or...
Small Business Innovative Research (SBIR) Contract
A type of contract designed to...
NAICS
NAICS codes are common...
Small Disadvantaged Business Concern
A small business concern that...
Projection
An estimate of future economic or...
Current Liabilities
A balance sheet item, which...
Extraordinary Items
Additional expenses that are...
DBA
ex. Blocker & Sons LLC, doing business as Bob's Burgers
Operating Leases
are deducted on the company’s...
Days Receivable
A measure of the average time a...
Small Business Development Centers (SBDC)
SBDCs offer a broad spec...
Subcontract
A contract between a prime cont...

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