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RALEIGH, SGRToday.com - A final rule published today in the Federal Register changes the definition of "small" business, as defined by the Small Business Administration (SBA). The broadening of what constitutes "small" in a variety of industries allows more businesses to qualify for SBA programs and services.
"The most significant benefit to businesses obtaining small business status as a result of this rule is gaining or regaining eligibility for Federal small business assistance programs," the Rule states, "including SBA's financial assistance programs, economic injury disaster loans, and Federal procurement opportunities."
The parameters for 34 industries have been changed. Among them are legal services, computer services, marketing services, building services, advertising agencies, veterinary services, and photography services.
"To determine eligibility for Federal small business assistance programs, SBA establishes small business size definitions (referred to as size standards) for private sector industries in the United States," the Rule states. "SBA's existing size standards use two primary measures of business size--receipts and number of employees."
The Rule can be viewed at: http://www.gpo.gov/fdsys/pkg/FR-2012-02-10/html/2012-2659.htm
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