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.
Best and Final Offer
For negotiated procurements...
Extraordinary Items
Additional expenses that are...
Partnership
A type of unincorporated business org...
Applicant/Co-Applicant
Business entity and person requesting...
Principal
the owner(s) of the Applicant Entity that...
Sole Proprietor
an individual who...
Subsidiary
A company for which a majority of the...
Affiliates
Business concerns, organizations, or...
Working Capital (WC)
The amount of current assets that...
Small Disadvantaged Business Concern
A small business concern that...
Contracting Officer
A person with the authority to...
Full and Open Competition
With respect to a contract action...
Negotiation
Contracting through the use of...
SAE (Stand Alone Economic Injury Disaster Loan)
provide necessary working capital to...
Applicant Individual
aka who is requesting an SBA loan...

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