The middle market for corporate loans is generally defined by either the size of the borrower (annual revenues of less than $500 million or annual EBITDA of less than $50 million) or the size of the loan (less than $500 million).

The middle market is typically further divided at a minimum between large middle market loans ($100 million to $500 million) and traditional middle market loans (less than $100 million).

The segment of the loan market with loans below $50 million to $75 million may also be referred to as the "small cap" market.

The segment of the loan market with loans above $500 million is generally referred to as the "broadly syndicated," "large corporate," or "large cap" market.

Loans within these market segments typically have some traits and market practices that are distinguishable, although there are a lot of similarities among loan terms, especially at the edges of these markets.