SBA proposes revision to expand assistance for small businesses
SBCOE | Quote | Chart | News | PowerRating -- The U.S. Small Business Administration is proposing to increase the size definitions in three commercial sectors.
If adopted the changes will expand eligibility to more small businesses, helping them gain access to SBA's financial assistance, contracting and other programs.
The proposed increases would affect 71 different types of businesses -- two-thirds of them in retail trade sectors. The rest are in accommodations and food services, and other services.
SBA Administrator Karen Mills said the administration recognizes that existing size standards have been affected by changes in industry structure, market conditions and business models.
Some business were excluded from SBA assistance programs because their annual payroll and sales surpassed the definition of "small business."
Mills said the SBA will conduct a review its small business size standards to ensure that existing size standards are based on current economic data.
"This review and proposed changes will help make these critical programs available to more small businesses," she said.
The SBA has not changed size standards since 1984 -- with the exception of a few specific industries.
The newly proposed rules give the public an opportunity to review and comment on SBA's proposed standards as well as on the data and methodology that SBA uses to evaluate and revise size standards.
For more information about the proposed changes, go to www.sba.gov/size and click on "What's New."
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