Small Business Size Standards
The US Congress had to answer the fundamental question of just what numerical definition should be used to define small businesses – industry by industry – to determine what businesses were eligible for federal government contracts. Over the years, the government has established and revised these definitions (called size standards) for all for-profit industries.
The size standard is almost always stated either as the number of employees or average annual receipts of a business concern. All federal agencies must use them for their federal government contracts identified as going to small businesses. Agencies must also use them for their other programs and regulations unless they are authorized by federal statute to use something else. Within this section, we review:
Use of Size Standards – Get a better understanding of how the federal government uses these numerical definitions for small businesses.
Summary of Size Standards – Refer to this overview to get a better understanding of how size standards are used.
NAICS Classification – This new industry classification is the first system of its kind to provide comparable stats across all three North American countries. The North American Industry Classification System is a new tool which has replaced the older Standard Industrial Classification system.
Table of Size Standards – Click on this link to see where your company and industry fall on the table.
Standard Size FAQ – If you still have questions about size standards, check this section for more answers.
References:
• Small Business Administration
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