A recent article in USA TODAY, SBA revises small business size standards, had some good news for small business owners.
The federal government made some changes to Small Business Administration standards that determine what qualifies a business as “small” for SBA loan and government supplier purposes.
The rules increased size standards for 70 industries in sectors including:
- Management of Companies and Enterprises
- Arts, Entertainment, and Recreation
- Support Services for Mining
- Finance and Insurance
- Fishing and Hunting
The change goes into effect July 22, when more than 17,000 new firms will be eligible for SBA loans and programs, according to the USA TODAY article. In addition, these businesses could also be added to the database of government contractors. Federal agencies have a goal of awarding 23 percent of government contracts to small businesses.
The change is part of the Small Business Job Act of 2010, and is just the beginning. Over the next few years, the SBA will review size standards for other industries. In the review the SBA examines the “structural characteristics of individual industries, including average firm size, the degree of competition, and federal government contracting trends.”
The local SBA has offices across the country. You can find your area office on the SBA’s locator page by entering your business zipcode.