Having a clear and concise SBA small business enterprise definition can be a huge help in obtaining government contracts. The organization has a variety of resources, educational materials, and low-cost training programs to help small businesses succeed.
The SBA defines a small business as an organization that is generating no more than $41.5 million in average annual receipts. The definition is based on average annual receipts for the past three years and average number of employees over the past twelve months. This standard will vary by industry and company size.
The Small Business Administration also offers various programs, such as microlending and government contracting, to help small businesses grow and succeed. They also offer counseling services in more than 1,800 locations across the United States. These services are designed to help small business owners learn more about how to get started and keep their businesses thriving.
The SBA defines a small company as any legal entity with fewer than 500 employees. This is a wide definition, as companies can be classified as startups, micro businesses, or even foreign companies. The size standard is based on average annual receipts and average number of employees for each pay period over the past 12 months.
The SBA has a table describing the size standards for hundreds of industries. The table includes 19 footnotes. The SBA also provides a list of grants available to small businesses.
The SBA also has a program for women-owned businesses. This program aims to provide a wide variety of resources to women-owned businesses. It includes microlending, educational materials, and counseling services.