Do you qualify as a small business? The Small Business Administration, a government agency that provides resources and support to small businesses, has changed the qualifications a company must meet to be recognized as a “small business”.  The SBA size standards, which are based on average annual revenues, have increased for more than 70 industries, including financial management, agriculture and performing arts. For some industries, companies could make no more than $7 million in annual revenues to qualify as a small business, now they can make up to $35 million. It’s estimated that about 17,125 more businesses will now qualify for funding and support through the Small Business Administration.

The SBA helps small businesses obtain loans and grants as well as connecting owners with potential investors. The SBA also ensures that at least 23 percent of government contracts are awarded to qualified small businesses.  There are also great articles and training materials on the SBA website that can help businesses of all sizes. For more information visit sba.gov.

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