Encyclopedia

Small Business Encyclopedia
Letter: Numeric

401(k)

A retirement plan for employees that allows them to put part oftheir pre-tax salary in an account. The funds may not be withdrawnuntil employees retire without paying a penalty.

7(a) Loan Guaranty Program

The most basic and most popular of the SBA's loan programs. Its name comes from section 7(a) of the Small Business Act, which authorizes the agency to provide business loans to American small businesses.

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