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FEDERAL GOVERNMENT SMALL BUSINESS DEFINED
Source: www.sbdc.uga.edu
Topic: Government & Business
Sort Desciption: FEDERAL GOVERNMENT. SMALL BUSINESS DEFINED. A small business concern is one that is defined by the Small Business Act as. "independently owned and operated ...
Content Inside: FEDERAL GOVERNMENT SMALL BUSINESS DEFINED A small business concern is one that is defined by the Small Business Act as "independently owned and operated not dominant in its field and whose size falls within the size standards established by the Small Business Administration." How Do I Know Which Size Standard Applies To My Company? Generally the following are examples of some of the current SBA size standards. Criteria are stated either in number of employees or average annual yield taken over a three-year period: Manufacturing 500 to 1500 Employees Wholesale 100 Employees General Construction $9.5 to $17 Million Special Trades (Construction) $7 Million Services $3.5 to $14.5 Million Retail $3.5 to $13.5 Million Agriculture $.5 to $3.5 Million SMALL DISADVANTAGED BUSINESS DEFINED Minority businesses in federal procurement are called disadvantaged businesses. A small disadvantaged business is a small business that also meets the following criteria: 1. At least 51 percent-owned by one or more individuals who are both socially and economically disadvantaged. 2. A publicly owned business with at least 51 percent of its stock owned by one or more socially and economically disadvantaged individuals with its management and daily business controlled by such individuals. 3. Socially disadvantaged individuals mean individuals who have been subjected to racial or ethnic prejudice or cultural bias because of their identity as members of a group without regard to their qualities as individuals. 4. Economically disadvantaged individuals mean socially disadvantaged individuals whose ability to compete in the free enterprise system is impaired due to diminished opportunities to obtain capital and credit as compared to others in the same line of business who are not socially and economically disadvantaged. 5. Individuals who certify that they are members of the following groups are considered to be socially and economically disadvantaged: Black America ...
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