Glossary
SBA Terms

Phase 2

Process to be used to determine economic injury for a business either in operation less than one year or not satisfied with result of Phase I analysis or submitted a Stand Alone EIDL request.

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.
Applicant Individual
aka who is requesting an SBA loan...
Principal
the owner(s) of the Applicant Entity that...
Standard Industrial Classification (SIC) Code
A code representing a category within...
Substantial Damage
This means uninsured or otherwise uncompensated...
Available Asset Test
Part of the CET that determines if an applicant(s) has...
Credit Elsewhere Test (CET)
The test to determine the...
Phase 1
Process used to determine the...
Credit Score Test
Part of the home loan CET show a...
Cash-basis Accounting
records revenue when cash is...
Defense Contractor
Any person who enters into...
Protégé
A firm in a developmental stage that...
Schedule of Liabilities
A business debt schedule that lists all of the debts...
Liabilities
A financial obligation...
Physical Loans
Funds to repair/replace dis...
Acquisition
The acquiring of supplies or...

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