WASHINGTON - The U.S. Small Business Administration issued four final rules in the
Federal Register today, increasing size standards for firms in four North American Industry Classification System (NAICS) Sectors and one Subsector: Agriculture, Forestry, Fishing and Hunting (Sector 11), Finance and Insurance (Sector 52), Management of Companies and Enterprises (Sector 55), Arts, Entertainment, and Recreation (Sector 71) and Support Services for Mining (Subsector 213).
Size standards define the maximum size a firm can be and still be considered a small business. The revised standards reflect changes in marketplace conditions and public comments that SBA received to the proposed rules.
New size standards will enable more businesses in these sectors to obtain or retain small business status; will give federal agencies a larger pool of small businesses from which to choose for their procurement programs; and will make more small businesses eligible for SBA's loan programs.
Read More