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More small businesses can now apply for Federal Contracts and Loans
The SBA has adjusted its Small Business Size Standard.
The Small Business Association (SBA) has revised its small business size standard in 16 industrial sectors. This means there is an increased eligibility for SBA’s federal contracting and loan programs, expanding access of vital funding for 59,000 small businesses.
As well as expanding SBA programs to additional businesses, the administration estimates that some 844 newly qualified small businesses will have contracting opportunities worth an estimated $1bn via four final rules. This is on top of 504 loans worth almost $45 million to newly qualified small businesses.
The increase in size standards in 16 different sectors, will also enable some mid-size businesses to regain small business status.
Sectors affected include Agriculture, Forestry, Fishing and Hunting, Mining, Quarrying, Oil and Gas Extractions, Utilities and Construction.
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It is vital that you are aware of what funding is available to you, as access to loans can be key for small business growth and success.
If you need any help with cashflow projections or advice with the financial aspects of running your business, contact us today by completing our contact form. We’ll be glad to help.
Date published May 4, 2022 | Last updated Jul 22, 2022
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