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The Small Business Administration wants your comments on its ongoing look at what constitutes a small company. That evaluation, which started in 2007, has resulted in recommendations to broaden definitions of 36 of the 46 industries it is evaluating.
The new definitions would make 9,450 additional firms eligible for SBA programs, which would give the federal government more options for contracting with small businesses.
Most of the professional services under consideration would go from $7 million in revenue to $10 million or $14 million. Details are here.
Generally, a service with $7 million or less in revenue currently meets the standard. For manufacturers, it’s 500 employees or less.
What are your overall thoughts about SBA definitions?