Certificate of Competency

A certificate issued by the Small Business Administration (SBA) stating that the holder is "responsible" (in terms of capability, competency, capacity, credit, integrity, perseverance, and tenacity) for the purpose of receiving and performing a specific government contract.

Updated on
September 9, 2022
Published on
June 20, 2018
The 7(a) Loan Program, SBA’s most common loan program, includes assistance for each business with unique needs.
SBA 504 loans are very popular for long-term, fixed rate financing of up to $5 million for major fixed assets.
The average Microloan is about $13,000. The Microloans program provides loans up to $50,000 to small businesses.
SBA Glossary

Common SBA Terms

Everything you need to know about common terms used to discuss SBA Loans.
Companion File
When an applicant has another application filed...
Mentor
A business, usually large, or...
Credit Elsewhere Test (CET)
The test to determine the...
Current Liabilities
A balance sheet item, which...
Small Business
A business smaller than...
Fair and Reasonable Price
A price that is fair to both parties...
Best and Final Offer
For negotiated procurements...
Subcontract
A contract between a prime cont...
Certificate of Competency
A certificate issued by the Small Bus...
Current Assets
A balance sheet item which equals...
Phase 1
Process used to determine the...
NAICS
NAICS codes are common...
Physical Loans
Funds to repair/replace dis...
Defense Contractor
Any person who enters into...
Duplicated Interest
The amount of interest exp...

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