The U.S. Small Business Administration issued three final rules in the Federal Register, effective October 24, 2012, increasing size standards for firms in three North American Industry Classification System (NAICS) sectors: real estate and rental and leasing; educational services; and health care and social assistance.
SBA increased size standards for businesses in 21 industries in the real estate and rental and leasing sector. More than 13,000 additional firms will qualify as small under these new size standards and become eligible for SBA loan and federal procurement programs.
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.
To read the SBA news release, click here.