The Small Business Administration has moved to increase small business eligibility for SBA contract and loan programs by releasing four final rules intended to revise small business size standards based on revenues of 16 sectors of the North American Industry Classification System.
The SBA announced on Tuesday that it has decided to increase 229 size standards in 16 industry sectors after analyzing more than 1,100 public comments during the review process for the four rules.
“The SBA continues to evolve its approach to size standards to ensure that we create access to contract and loan opportunities for as many small businesses as possible,” said Bibi HidalgoAssociate Administrator for Public Procurement and Business Development at SBA.
“The release of these final rules will make an additional 59,000 businesses eligible for millions of dollars in revenue and business expansion opportunities across a wide range of industries. This expansion is equally important for contracting agencies, as a diverse industrial base helps ensure a healthy supply chain and, in turn, supports the broader economic health of our country,” added Hidalgo.
The SBA said it expects the final rules to provide 844 newly qualified small businesses with contract opportunities worth about $1 billion and make 96 7(a) and 504 business loans. worth nearly $45 million to these companies.
The agency released the final rules as part of its second five-year review of the size standards under the Small Business Jobs Act 2010. The SBA also intends to issue additional rules on size standards in wholesale, manufacturing, and retail in the coming months.