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
The 7(a) Loan Program, SBA’s most common loan program, includes assistance for each business with unique needs.
SBA 504 loans are very popular for long-term, fixed rate financing of up to $5 million for major fixed assets.
The average Microloan is about $13,000. The Microloans program provides loans up to $50,000 to small businesses.
SBA Glossary

Common SBA Terms

Everything you need to know about common terms used to discuss SBA Loans.
Small Business
A business smaller than...
Certified 8(a) Firm
A firm owned and operated by socially and...
Subcontract
A contract between a prime cont...
Request for Proposal (RFP)
A document outlining a...
Full and Open Competition
With respect to a contract action...
Affiliates
Business concerns, organizations, or...
Fair and Reasonable Price
A price that is fair to both parties...
Prime Contract
A contract awarded directly...
Small Disadvantaged Business Concern
A small business concern that...
Intermediary Organization
Organizations that play a funda...
Negotiation
Contracting through the use of...
Current Liabilities
A balance sheet item, which...
Phase 1
Process used to determine the...
Affiliate
Business concerns are affiliates if one concern...
Sole Proprietor
an individual who...

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