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Small Business Administration (SBA)

A U.S. government agency that supports entrepreneurs and small businesses, often through loans, loan guarantees, contracts, counseling, and other forms of assistance.

Disaster Loan

A low-interest loan offered by the Small Business Administration to homeowners, renters, businesses, and private nonprofit organizations to repair or replace property damaged in a declared disaster.

Collateral

An asset that a borrower pledges to a lender as security for a loan. If the borrower defaults on the loan, the lender can take possession of the collateral.

Comptroller General of the United States

The head of the Government Accountability Office (GAO), an independent, non-partisan agency that works for Congress and investigates how the federal government spends taxpayer dollars.

Default Rate

The percentage of loans that borrowers fail to repay according to the agreed-upon terms.

Outreach

The act of reaching out to a particular community or group of people to offer services or information, often to encourage participation.

Section 7(b)(1) of the Small Business Act