SBA Changes Small Business Size Standards

The Small Business Administration has adjusted its size standards for determining which private sector firms qualify as small businesses, the Washington Post reports.

The changes vary depending on industry and aim to classify which firms qualify as small businesses.

Companies in the professional, scientific and technical service sector saw a substantial increase from $4.5 million to $14 million in annual revenue to classify as a small business, according to the Post.

SBA said the adjustments would enable around 8,350 additional companies to partake in SBA programs.

The agency is also helping small businesses conduct market research through a new website launched in March.

Users can access a list of government and non-government data sources on topics including employment, demographics and company size.

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