Until this month, the definition of what makes a “small” business has been defined by guidelines
established years ago. However, effective July 2013, the United States Small Business
Administration (SBA) is changing the definition of a small business by increasing the limits under
federal guidelines.
The size of a business is based on several factors including industry sectors.
The SBA considers
revenues, assets, competition, and number of employees. The changes by the SBA will add over
17,000 companies in industries such as agriculture, forestry and hunting; finance and insurance;
company management; arts, entertainment and recreation; and mining support services.