INDUSTRY Concerns primarily engaged in the same kind
of economic activity are classified in the same industry regardless of their
types of ownership (such as sole proprietorship, partnership or corporation).
The US Office of Management and Budget
(OMB) classifies
approximately 1,000 activities as industries under NAICS. For each industry,
except those in the Sector of public administration, SBA has established a size
standard. Industries are described in detail in North American Industry
Classification System – United States, 1997. It can be found in many libraries
or purchased from the National Technical Information Service, by calling (800)
553-6847 or (703) 605-6000.
INNOVATION Introduction of a new idea into the marketplace
in the form of a new product or service, or an improvement in organization or
process.
INSOLVENCY The inability of a borrower to meet
financial obligations as they mature, or having insufficient assets to pay
legal debts.
INSTALLMENT LOAN One in which the amount of interest is added
to the principal and repaid by the borrower in equal periodic payments.
INTEREST An amount paid a lender for the use of
funds.
INTEREST RATES APPLICABLE TO SBA LOANS Interest rates are
negotiated between the borrower and the lender but are subject to SBA maximums,
which are pegged to the Prime Rate.
INTERMEDIARIES BusinessLINC Intermediaries are organizations
that play a fundamental role in encouraging, promoting, and facilitating
business-to-business relationships and mentor-protégé partnerships. In addition
to their many other functions, many organizations serve as intermediaries
between the community and business, for businesses within an industry, for
businesses within a geographic area, and for businesses with state and/or local
governments. In their various capacities, many of these organizations
accumulate information about programs that are offered by their members, in
their community, or in their industry. As a result, these organizations are in
a unique position to serve as a go-between for potential business-to-business
relationships or mentor-protégé partnerships.
INTERMEDIARY ORGANIZATION Organizations that
play a fundamental role in encouraging, promoting, and facilitating business-to-business
linkages and mentorprotégé partnerships. These can include both nonprofit and
for-profit organizations: chambers of commerce; trade associations; local,
civic, and community groups; state and local governments; academic
institutions; and private corporations.
INVENTORY Merchandise that is purchased and/or
produced and stored for eventual sale.
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