Saturday 22 September 2012

Glossary Of Small Business Terms part 8


CERTIFICATE OF COMPETENCY COC 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.

CERTIFICATE OF DEPOSIT Short-term instruments issued by commercial banks.

CERTIFICATION(s) or QUALIFICATION(s) REQUIREMEMTS(s) "Certification" as a small business, as a socially and economically disadvantaged small business, as a woman owned or veteran-owned business is required to be eligible for some SBA programs. Information on obtaining these and other certifications is available at "More..."

CERTIFIED 8(a) FIRM A firm owned and operated by socially and economically disadvantaged individuals and eligible to receive federal contracts under the Small Business Administration’s 8(a) Business Development Program.

CERTIFIED DEVELOPMENT COMPANY CDC A Certified Development Company is a nonprofit corporation set up to contribute to the economic development of its community. CDCs work with the SBA and private-sector lenders to provide financing to small businesses. There are about 270 CDCs nationwide. Each CDC covers a specific geographic area

CERTIFIED LENDER PROGRAM CLP The most active and expert lenders qualify for the SBA's streamlined lending programs. Under these programs, lenders are delegated partial or full authority to approve loans, which results in faster service from SBA. Certified lenders are those who have been heavily involved in regular SBA loan-guaranty processing and have met certain other criteria. They receive a partial delegation of authority and are given a three-day turnaround by the SBA on their applications (they may also use regular SBA loan processing). Certified lenders account for nearly a third of all SBA business loan guaranties.

CHARACTER The degree to which a potential borrower feels a moral obligation to repay debts as evidenced by the borrower's credit and payment history. One of the "Five Cs" used in a lending officer's determination of a particular loan applicant's credit-worthiness.

CHARGED OFF LOAN An uncollectible loan for which the principal and accrued interest were removed from the receivable accounts.

CHARGE-OFF An accounting transaction removing an uncollectible balance from the active receivable accounts.






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