Small Business Encyclopedia
Category: Startup Financing
401(k)
Definition: 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
Definition: 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.
Compound Interest
Definition: Interest computed on the sum of the principle and the accrued
interest
Equipment Leasing
Definition: Obtaining the use of machinery, vehicles or other equipment on a
rental basis. This avoids the need to invest capital in equipment.
Ownership rests in the hands of the financial institution or
leasing company, while the business has the actual use of it.
LowDoc
Definition: A special SBA 7(a) loan promising quick processing for amounts less
than $150,000
Trade Credit
Definition: An arrangement to buy goods or services on account, that is,
without making immediate cash payment
Short-Term Loans
Definition: A loan scheduled to be repaid in less than a year
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