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Small Business Encyclopedia

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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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About Encyclopedia

No matter what business topic you're interested in, you'll find our category list is an easy way to navigate our small-business encyclopedia. From Accounting and Advertising to Location and Operations, every topic offers information on the terms that matter most. And if you can't find what you need here, our "Terms A - Z" list makes tracking down terms a snap.