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SBA rule changes open loan, supplier opportunities to more businesses


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by Feoshia Davis on June 25, 2013

business

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
  • Agriculture
  • Forestry
  • 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.”

You can find out more about the specific industries affected at the SBA website. You can also take a look at the SBA article What’s New with Size Standards.

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.

 


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Rod Robinson

The ConnXion Point is the blog for connXus.com, an online service connecting small, minority- and woman-owned businesses with companies seeking to hire diverse suppliers.

I'm Rod Robinson, founder and chief connector of connXus.com. I've spent 15 years in the procurement business as a minority business owner, company procurement officer and industry consultant.

The ConnXion Point will focus on issues, events and news about procurement and supplier diversity. So, whether you're purchasing or selling, we'll have information you can use. We also hope to facilitate a healthy, respectful exchange of viewpoints on issues surrounding supplier diversity and procurement.

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