New Small Business Definitions
Do you own or work for a small business? The Small Business Administration is putting into effect 37 new definitions of small business beginning this March.
According to the SBA the new definitions will make over 8,000 firms eligible for financial assistance and contracting. The new definitions will effect 34 sectors of business and are based on determinants such as contracting terms, competition, and firm size.
“It allows small businesses to retain their small-business status and contracting officers to have a larger selection of small businesses to choose from for contracting opportunities,” said a spokesperson from the SBA.
Check out the SBA’s new definitions and find out if they will affect your business!