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.
Credit Elsewhere Test (CET)
The test to determine the...
Contracting
Purchasing, renting, leasing, or...
Federal Acquisition Regulation (FAR)
The body of regulations which is...
SAE (Stand Alone Economic Injury Disaster Loan)
provide necessary working capital to...
Guarantor
The legal entity and...
Defense Contractor
Any person who enters into...
Business Activity
The business (or loss) activity of...
Hardship Waiver
Method used to approve a...
NAICS
NAICS codes are common...
Normal Annual Sales
Those sales that would have...
Collateral
Assets pledged by a borrower to secure a loan...
Defense Acquisition Regulatory Council (DARC)
A group composed of rep...
Request for Proposal (RFP)
A document outlining a...
P&L (Profit and Loss Statement)
also considered as Income Statement or...
Affiliates
Business concerns, organizations, or...

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