Get THE SMALL BUSINESS - Sba

1. What is a small business? The Office of Advocacy generally defines a small business as an independent business having fewer than 500 employees. For industry-level small business size standards used in government programs and contracting, see https://.sba.gov/ document/support--table-size-standards.

Small businesses can choose to organize as a sole proprietorship, partnership, corporation, S corporation or limited liability company.

The SBA assigns a size standard to each NAICS code. Most manufacturing companies with 500 employees or fewer, and most non-manufacturing businesses with average annual receipts under $7.5 million, will qualify as a small business.

SBA only makes direct loans in the case of businesses and homeowners recovering from a declared disaster.

SBA's Table of Size Standards provides definitions for North American Industry Classification System (NAICS) codes, that vary widely by industry, revenue and employment. It defines small business by firm revenue (ranging from $1 million to over $40 million) and by employment (from 100 to over 1,500 employees).

While there's no official required SBA loan credit score from the Small Business Administration, lenders will often set minimum personal and business credit score requirements for SBA loan applicants. An SBSS of 140 to 160+ or a personal score of 620 to 640+ are commonly needed to qualify.

The U.S. Small Business Administration (SBA) was created in 1953 as an independent agency of the Federal Government to aid, counsel, assist and protect the interests of small business concerns, to preserve free competitive enterprise and to maintain and strengthen the overall economy of our nation.

Meaning of Small Business A privately held company that operates with less resources, such as fewer financial resources, fewer staff, and fewer or no pieces of machinery, is considered to be a small business.