COVID Small Business Recovery Glossary

Being up to speed with the terminology is crucial for successful small business recovery. It can be discouraging to seek help and be met with confusion, especially when running into acronyms without any explanation as to what they refer to. Use this glossary to guide you through the alphabet soup of COVID recovery terminology.

1. BIPOC - Black, Indigenous, People of Color

   1. A term used to illuminate injustices and account for the erasure faced by Black and Indigenous individuals, as opposed to lumping these communities in with the more general People of Color (POC).

2. CDC - Certified Development Company

   1. Community-based partners, certified and regulated by the SBA, who regulate nonprofits and promote economic development within their communities, such as with SBA 504 loans.

3. CDFI - Community Development Financial Institutions

   1. Private financial institutions (banks, credit unions, loan funds, or venture capital funds) committed to lending to disadvantaged communities.

4. EDA- Economic Development Administration

   1. A bureau within the U.S. Department of Commerce whose mission is to lead the federal economic development agenda by promoting innovation and competitiveness, preparing American regions for growth and success in the worldwide economy.

5. EIDL - Economic Injury Disaster Loans

   1. Assistance available to small businesses that are unable to obtain credit elsewhere, making them unable to meet their obligations and pay their ordinary operating expenses.

6. HUBZone Small Business (HUBZone) SBA Certified

   1. A small business concern that appears on the List of Qualified HUBZone Small Business Concerns maintained by the federal government's Small Business Administration.

7. PPE - Personal Protective Equipment

   1. (Tax deductible) supplies used to protect against COVID-19, such as masks, sanitizing wipes, and hand sanitizer.

8. SBA - Small Business Administration

   1. An autonomous government agency established to promote the economy by providing assistance, such as EIDL, 7(a) loans, and debt relief, to small businesses.

9. Small Business Concern (SBC) Self Certified

   1. A concern, including its affiliates, that is independently owned and operated, not dominant in the field of operation in which it is bidding on Government contracts, and qualified as a small business under the criteria of 13 CFR part 121.

10. Small Disadvantaged Business (SDB) Self Certified

    1. Minimum 51% owned, controlled, and operated day-to-day by one or more socially disadvantaged individuals. May be Section 8(a)-certified per 13 CFR 124.1002. Small Disadvantaged Ethnicity definitions include the following categories:

       1. African American

       2. Hispanic American

       3. Native American (American Indian, Eskimo, Aleut, Native Hawaiian)

       4. Asian-Pacific American

       5. Asian-Indian American

11. Women-Owned Small Business (WOSB) Self Certified

    1. A small business concern that is at least 51% owned by one or more women (if publicly owned, at least 51% of the stock of which is owned by one or more women), and whose management and daily business operations are controlled by one or more women.

12. 7(a) Loan

    1. SBA’s most common loan program that can be used for short or long term working capital, refinancing current business debt, or purchasing furniture, fixtures or supplies.

For more helpful terminology and resources:

• 10 Tips for Entrepreneurs

• 60 Tips for For Owners/Operators

• Small Business Loan Terminology

• SBA Small Business Certifications

• certify.SBA.gov

• Applying for Small Business Assistance under the CARES Act - Messerli Kramer

• Small Business | LA Business Portal (lacity.org)

• COVID-19 Business Resources | Los Angeles Office of Finance (lacity.org)

• LA County launches new small business recovery loan program — (asianjournal.com)

• What Is An SBA Loan And How Do You Get One? (forbes.com)

Glossary PDF:

PDF ENG COVID Glossary.pdf

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