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
Apply Here

SBA 7a Loans

The 7(a) Loan Program, SBA’s most common loan program, includes assistance for each business with unique needs.
Explore 7a loans

SBA 504 Loans

SBA 504 loans are very popular for long-term, fixed rate financing of up to $5 million for major fixed assets.
Explore 504 loans

SBA Microloans

The average Microloan is about $13,000. The Microloans program provides loans up to $50,000 to small businesses.
Explore microloans
SBA Glossary

Common SBA Terms

Everything you need to know about common terms used to discuss SBA Loans.
Phase 1
Process used to determine the...
Normal Annual Sales
Those sales that would have...
SCORE
Counselors to America's Small Bus...
Small Business Development Centers (SBDC)
SBDCs offer a broad spec...
Injury Period
The time period during...
Standard Industrial Classification (SIC) Code
A code representing a category within...
Primary Activity
The major business activity of...
Electronic Data Interchange
Transmission of information bet...
Contracting
Purchasing, renting, leasing, or...
Accrual Basis Accounting
recognizes revenues when earned and expenses are...
Operating Leases
are deducted on the company’s...
Projection
An estimate of future economic or...
Certified 8(a) Firm
A firm owned and operated by socially and...
Principal
the owner(s) of the Applicant Entity that...
SAE (Stand Alone Economic Injury Disaster Loan)
provide necessary working capital to...

Get the quick rundown on SBA Loans

Join over 4,000+ small business owners already growing with us.
How it Works
contact@sbaloans.orgPrivacyToS
SBA Loan Types
SBA 7a LoansSBA 504 LoansDisaster LoansMicroloans
SBA 7a Loan Types
SBA Express LoansStandard 7a Loans7a Small LoansExport Express Loans
SBA Loan Purposes
Buy a new business->Buy real estate->Refinance debt->Refi real estate->
SBA EDU
SBA FAQsSBA GlossaryAbout 7a LoansAbout 504 Loans
Get Started
SBA Loan App ->
SBA Loan RatesSBA Disaster AssistanceAbout Us
Copyright © 2025 Mainstreet Financial LLC
Secured with bank-level SSL
Built on Mainstreet
Powered by SBALoans.org