MARKET The existing or potential buyers for specific goods or services.

MARKET VALUE What a willing buyer will pay for goods, services, a property or a business.

MARKETING The total of activities involved in the transfer of goods and services from the producer or seller to the consumer or buyer. Marketing activities may include buying, storing selling, advertising, pricing and promoting products.

MARKUP Markup is the difference between invoice cost and selling price. It may be expressed either as a percentage of the selling price or the cost price and is supposed to cover all the costs of doing business plus a profit. Whether markup is based on the selling price or the cost price, the base is always equal to 100 percent.

MATURITY The date on which a loan becomes due.

MATURITY EXTENSIONS Extensions of payment beyond the original period established for repayment of a loan.

MENTOR A business, usually large, or other organization that has created a specialized program to advance strategic relationships with small businesses.

MERGER A combination of two or more corporations wherein the dominant unit absorbs the passive ones, the former continuing operation usually under the same name. In a consolidation two units combine and are succeeded by a new corporation, usually with a new title.

MICROENTERPRISE DEVELOPMENT The mission of the Interagency Workgroup on Microenterprise Development is to better coordinate the work of federal agencies involved in microenterprise efforts and to develop a coherent framework for federal government efforts to promote microenterprise.

MICROLOAN PROGRAM The MicroLoan Program provides very small loans to start-up, newly established, or growing small business concerns. Under this program, the U.S. Small Business Administration (SBA) makes funds available to nonprofit community based lenders (intermediaries) which, in turn, make loans to eligible borrowers in amounts up to a maximum of $35,000. The average loan size is about $10,500. Applications are submitted to the local intermediary and all credit decisions are made on the local level.

MORTGAGE An instrument giving legal title to secure the repayment of a loan made by the mortgagee (lender). In legal contemplation there are two types: (1) title theory -operates as a transfer of the legal title of the property to the mortgagee, and (2) lien theory -creates a lien upon the property in favor of the mortgagee.