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.
Partnership
A type of unincorporated business org...
Assets
The amount of current assets that is left...
Certificate of Competency
A certificate issued by the Small Bus...
Defense Contractor
Any person who enters into...
Applicant Individual
aka who is requesting an SBA loan...
Affiliated Group
When two or more...
Request for Proposal (RFP)
A document outlining a...
Contracting
Purchasing, renting, leasing, or...
Available Asset Test
Part of the CET that determines if an applicant(s) has...
Phase 1
Process used to determine the...
Adjusted Net Worth
Post disaster fair market value of tangible...
Balance Sheet or Statement of Financial Position
Assets = Liabilities + Equity...
Contract
A mutually binding legal rel..
Applicant Entity
The business entity requesting...
Economic Injury Disaster Loan (EIDL)
a working capital loan that...

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