WASHINGTON – More than 15,000 companies will qualify as a small business due to the Small Business Administration’s new size standards taking effect July 22.
The new size standards will give federal agencies a larger pool of small businesses to choose from for procurement programs and will make more small businesses eligible for SBA loans.
Size standards determine the maximum size a business can be and remain a small business. The revised standards reflect changes in marketplace conditions and public comments the SBA has received.
The new size standards affect four business sectors: Agriculture, Forestry, Fishing and Hunting; Finance and Insurance and Management of Companies and Enterprises; Arts, Entertainment and Recreation; Support Activities for Mining.
The SBA is reviewing all size standards, and takes into account the structural characteristics of individual industries, including average firm size, the degree of competition, and federal government contracting trends. Under the Small Business Jobs Act of 2010, the SBA will continue its comprehensive review of all size standards for the next several years.
For more information, visit http://www.sba.gov/size.