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.
Standard Industrial Classification (SIC) Code
A code representing a category within...
Applicant Entity
The business entity requesting...
Normal Gross Margin
The margin that would have been...
Operating Leases
are deducted on the company’s...
Contracting Officer
A person with the authority to...
Full and Open Competition
With respect to a contract action...
Credit Score Test
Part of the home loan CET show a...
DBA
ex. Blocker & Sons LLC, doing business as Bob's Burgers
Small Business Development Centers (SBDC)
SBDCs offer a broad spec...
Phase 1
Process used to determine the...
Business Activity
The business (or loss) activity of...
Subcontract
A contract between a prime cont...
Assets
The amount of current assets that is left...
Emerging Small Business
A small business concern whose...
Partnership
A type of unincorporated business org...

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