The Small Business Administration has moved to increase the eligibility of small companies for SBA’s contracting and loan programs by releasing four final rules meant to revise small business size standards based on revenues in 16 North American Industrial Classification System sectors.
SBA said Tuesday it decided to increase 229 size standards across 16 industrial sectors after analyzing over 1,100 public comments during the review process for the four rules.
“SBA continues to evolve its approach on size standards to ensure that we create access to contracting and loan opportunities for as many small businesses as possible,” said Bibi Hidalgo, associate administrator for government contracting and business development at SBA.
“The publication of these final rules will make 59,000 additional firms eligible for millions of dollars in revenue and business expansion opportunities across a wide range of sectors. This expansion is equally important for contracting agencies, as a diverse industrial base helps ensure a healthy supply chain and, in turn, supports our nation’s broader economic health,” added Hidalgo.
SBA said it expects the final rules to provide 844 newly qualified small firms with contracting opportunities worth approximately $1 billion and extend 96 7(a) and 504 loans valued at nearly $45 million to such companies.
The agency issued the final rules as part of its second five-year evaluation of size standards in compliance with the Small Business Jobs Act of 2010. SBA also intends to issue in the coming months additional rulemakings on size standards in wholesale trade, manufacturing and retail trade.