Glossary
SBA Terms

Lien

A legal claim against an asset which is used to secure a loan and which must be paid when the property is sold.

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.
Explore 504 loans

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.
Applicant Individual
aka who is requesting an SBA loan...
Negotiation
Contracting through the use of...
Standard Industrial Classification (SIC) Code
A code representing a category within...
Business Activity
The business (or loss) activity of...
Loan Authorization and Agreement (LA&A)
A contract between SBA and the borrower that...
Defense Contractor
Any person who enters into...
Primary Activity
The major business activity of...
Available Asset Test
Part of the CET that determines if an applicant(s) has...
Projection
An estimate of future economic or...
Substantial Damage
This means uninsured or otherwise uncompensated...
Fair and Reasonable Price
A price that is fair to both parties...
Schedule of Liabilities
A business debt schedule that lists all of the debts...
Small Business Innovative Research (SBIR) Contract
A type of contract designed to...
Companion File
When an applicant has another application filed...
NAICS
NAICS codes are common...

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