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.
Prime Contract
A contract awarded directly...
Balance Sheet or Statement of Financial Position
Assets = Liabilities + Equity...
GPM%
The measure of every sales dollar left...
Assets
The amount of current assets that is left...
Extraordinary Items
Additional expenses that are...
NAICS
NAICS codes are common...
Schedule of Liabilities
A business debt schedule that lists all of the debts...
Lien
A legal claim against an...
Defense Contractor
Any person who enters into...
Trend Analysis
A comparative analysis of...
Guarantor
The legal entity and...
Applicant/Co-Applicant
Business entity and person requesting...
Days Receivable
A measure of the average time a...
Amortization
A non-cash operating expense that...
Best and Final Offer
For negotiated procurements...

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