More
small businesses will have access to SBA's small business programs and
government contracts.
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The U. S, Small Business Administration
(SBA) recently r
 eleased
the latest changes to small business size standards. Under the Small Business
Jobs Act of 2010, SBA is conducting a comprehensive review of all size
standards, a process that will continue for the next several years.
In the lastest review, SBA
has issued four final rules in the Federal Registry increasing size standards
for firms in four North American Industry Classification System (NAICS) Sectors
and one Subsector:
Size standards define the
maximum size a firm can be and still be considered a small business. The new
size standards will enable more businesses to retain small business status
allowing them to bid on more federal contracts and make them eligible for small
business loans through the SBA loan programs and to receive technical assistance
from SBA resource partners, such as the Orange County Small Business Development
Center.
SBA increased size standards
for businesses in 11 industries in the Agriculture, Forestry, Fishing and
Hunting Sector. More than 7,800 additional firms will qualify as small under
these new size standards.
SBA also increased size
standards for 36 industries for firms in the Finance and Insurance Sector and
two industries in the Management of Companies and Enterprises Sector. SBA
changed the basis for measuring size from assets to annual revenues for the
International Trade Financing industry and deleted the Real Estate Investment
Trusts from its table of size standards. More than 7,400 additional businesses
will qualify as small under the new size standards. .
Size standards for 17
industries were also increased for firms in the Arts, Entertainment and
Recreation Sector. More than 1,450 additional firms will qualify as small under
these new size standards.
SBA also increased size
standards for three of the four industries for firms in the Support Activities
for Mining Subsector within the Mining, Quarrying and Oil and Gas Extraction
Sector (Sector 21). Subsector 213 is the only subsector within Sector 21 which
has revenues-based size standards. The remaining industries within Sector 21 have
employee-based size standards, which SBA will review in the near future. More
than 475 additional firms will qualify as small under the new size
standards.
The four final rules will be effective July 22, 2013. To review the
rules and public comments, go to visit.... Each sector has
a separate RIN number:
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. This ensures that small business size
definitions reflect current economic conditions in those
industries.
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Tuesday, July 9, 2013
SBA Increases Size Standards for 70 Additional NAICS Sectors
