Skip to content
europatentbox

europatentbox

The Profession

Primary Menu europatentbox

europatentbox

  • Business & Finance
  • Business News
  • eCommerce
  • Business Education
  • Asset finance
  • Marketing
  • About Us
    • Advertise Here
    • Contact Us
    • Privacy Policy
    • Sitemap
  • Home
  • The SBA Just Changed the Rules for 59,000 U.S. Businesses in a $150 Billion Opportunity. But Most People Don’t Even Notice
  • General

The SBA Just Changed the Rules for 59,000 U.S. Businesses in a $150 Billion Opportunity. But Most People Don’t Even Notice

Amy B. Taylor June 12, 2022

[ad_1]

What if I were to tell you that the federal government just changed the definition of “small business” in hundreds of U.S. industries, and that thousands more companies can now compete for nearly $150 billion in government contracts as a result? 

It could be an enormous opportunity. It’s also just the beginning of a series of upcoming rules changes that could mean massive chances to take advantage, for people who pay attention.

It all began with a little-noticed announcement in April that the Small Business Administration had settled on final rules to modify small business definitions in 16 business sectors covering hundreds of industries.

The new rules “make 59,000 additional firms eligible for millions of dollars in revenue and business expansion opportunities,” Bibi Hidalgo, the SBA’s associate administrator for government contracting and business development, said at the time.

We’ll get into the details below. But two things struck me at the outset:

  • First, not that many businesses or even people seem to pay attention. (One smart exception: Justin Ho’s coverage on Marketplace.)
  • Second, the sheer volume of opportunities, especially as government spending has continued to balloon over the last few years. From fiscal 2019 to 2020, for example, total U.S. federal government contracts rose from $595 billion to $665 billion, according to the Government Accounting Office.

And, it’s not all defense contracts and office supplies.

“The government buys just about everything, from soybeans to toddler clothing to cloud computing,” Sam Le, director of policy, planning and liaison at the SBA told me in a video interview Friday. “The government buys everything.”

Another fascinating data point: While overall government spending and the percentage of government contracts granted to qualified small businesses had risen over recent years, the actual number of individual businesses getting those deals has fallen.

In other words, it’s the relatively smart few who pay attention, that have walked away with a bigger and bigger piece of the pie.

“Exactly,” Le said. “The number of dollars is growing, but the number of businesses is declining.”

That’s why these definitional changes are so interesting. 

With literally hundreds of adjusted definitions, it would be impossible to list them all here, but the qualifications are available on the SBA’s website at sba.gov/size.

What’s more, the most recent changes are just part of a long series. 

In short, while some industries are judged for “small business” size based on each business’s revenue, other industries are judged based on total number of employees in each company, and the employee-count industries are up for review next.

In fact, the SBA has virtual public hearings set for Tuesday and Thursday for anyone who would like to comment on those proposed changes. Additionally, Le said changes in SBA size standards for certain loan programs are set to be released shortly.

Now, I don’t know what business you’re in, and I don’t know how you feel about government spending in general.

But if you’re running a business that might be considered small by any comparative definition, I think this is an opportunity worth following, and maybe even pursuing vigorously. At the very least, perhaps, it’s time to pay attention. 

The opinions expressed here by Inc.com columnists are their own, not those of Inc.com.



[ad_2]

Source link

Post navigation

Previous: 13 Best LinkedIn Profile Tips To Attract Recruiters To You
Next: Session Replay, Heat Maps And Form Analytics Combined With Advanced Reporting Tools

More Stories

15 Social Media Marketing Metrics You Need to Track
  • General

15 Social Media Marketing Metrics You Need to Track

Amy B. Taylor July 31, 2024 0
Simple Lessons In Never Giving Up
  • General

Simple Lessons In Never Giving Up

Amy B. Taylor July 29, 2024 0
Five Tips For Marketing Your Agency Services to the Cannabis Industry
  • General

Five Tips For Marketing Your Agency Services to the Cannabis Industry

Amy B. Taylor July 22, 2024 0
October 2025
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
2728293031  
« Sep    

Archives

Categories

  • Asset finance
  • Business
  • Business & Finance
  • Business News
  • Contruction
  • eCommerce
  • Education
  • Entertainment
  • General
  • Health
  • Marketing
  • Mental Health Related
  • Property
  • Real Estate
  • Society
  • Sports
  • Uncategorized
  • Web Development

Recent Posts

  • How Business Education Can Help You Master the Market
  • How to Manage Your Finance for Long-Term Growth
  • Top Business News That Will Influence Tomorrow’s Leaders
  • The Power of Digital Marketing for Small Businesses
  • Business Education: The Key to Staying Competitive

Fiverr

Fiverr Logo

BL

Tags

Amazon Business Login Amazon Business Prime Att Business Login Bank Of America Business Account Best Business Schools Business Business Attorney Near Me Business Bank Account Business Card Holder Business Card Maker Business Cards Near Me Business Card Template Business Casual Attire Business Casual Shoes Business Casual Woman Business Plan Examples Ca Business Search Capital One Business Credit Card Ca Sos Business Search Chase Business Checking Chase Business Credit Cards Chase Business Customer Service Chase Business Login Chase Business Phone Number Cheap Business Cards Citizens Business Bank Cox Business Login Digital Business Card Facebook Business Suite Finance In Business Free Business Cards Google Business Login Harvard Business School Lands End Business Massage Parlor Business Near Me Michigan Business Entity Search Mind Your Business Mind Your Own Business Ohio Business Search Risky Business Costume Skype For Business Small Business Loan Small Business Saturday 2021 Starting A Business Texas Business Entity Search
trekvita
balancerun

PONDOK

endurochallenge
naturewisehub

PL

clashport
grillzup

Related Article

How Business Education Can Help You Master the Market
  • Education

How Business Education Can Help You Master the Market

Amy B. Taylor October 5, 2025
How to Manage Your Finance for Long-Term Growth
  • Business & Finance

How to Manage Your Finance for Long-Term Growth

Amy B. Taylor October 2, 2025
Top Business News That Will Influence Tomorrow’s Leaders
  • Business News

Top Business News That Will Influence Tomorrow’s Leaders

Amy B. Taylor September 28, 2025
The Power of Digital Marketing for Small Businesses
  • Marketing

The Power of Digital Marketing for Small Businesses

Amy B. Taylor September 26, 2025
Business Education: The Key to Staying Competitive
  • Education

Business Education: The Key to Staying Competitive

Amy B. Taylor September 24, 2025
europatentbox.com | CoverNews by AF themes.

WhatsApp us