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.
Schedule of Liabilities
A business debt schedule that lists all of the debts...
Guarantor
The legal entity and...
Acquisition
The acquiring of supplies or...
Negotiation
Contracting through the use of...
Equity
An accounting term used to...
Standard Industrial Classification (SIC) Code
A code representing a category within...
Protégé
A firm in a developmental stage that...
Small Business
A business smaller than...
Partnering
A mutually beneficial business-to-bus...
Depreciation
A non-cash operating expense that...
Collateral
Assets pledged by a borrower to secure a loan...
Applicant Entity
The business entity requesting...
Limited Liability Entities (company/partnership)
An LLE provides business owners with...
Electronic Data Interchange
Transmission of information bet...
Prime Contract
A contract awarded directly...

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