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Updated: Mar 14, 2023, 2:53pm
Whether the U.S. Small Business Administration (SBA) considers your company a small business impacts your eligibility for various federal loans and other business tools. Without this designation, you won’t qualify for SBA loans, certain government contracts, grants and other government-backed financing tools.
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Generally speaking, a small business is one with 500 or fewer employees. However, the SBA also defines small businesses differently based on the number of employees a company has or their average annual receipts, which varies by industry. What’s more, there are several footnotes to the SBA size table—for example, the size of a financial institution is designated based on the value of its assets.
Note: If a business has affiliate businesses that are economically dependent on each other, it must consider the average annual receipts or the number of employees for all of these other businesses when calculating size.
In addition to business size, the SBA also considers several other factors when determining if a company qualifies as a small business, including whether the business is:
For purposes of SBA size designation, industries are defined by the North American Industry Classification System (NAICS) codes. This six-digit code determines the NAICS size standard that applies to businesses—whether based on number of employees or average annual receipts.
Here are the SBA’s size standards for some major industries:
These aren’t all of the industries defined by the SBA, so check out the SBA’s complete Table of Small Business Size Standards for a complete list. Because the standard is industry-specific, some companies that seem like large organizations are still designated small businesses by the SBA.
For example, a company engaged in the pipeline transportation of crude oil with 1,500 or fewer employees meets the SBA’s size requirements for a small business. On the other hand, a fuel dealer can only have a maximum of 100 employees to be considered a small business.
The goal of the SBA is to protect and promote the success of small businesses in the U.S. By defining what constitutes a small business in each industry, the SBA identifies which businesses should benefit from the services and financing opportunities the SBA provides to help small businesses thrive.
For example, being a small business means a company is eligible for SBA-backed business loans in addition to other small business loans . The designation can also help small businesses win government contracts and gain access to tools that make it easier to compete against larger businesses in the economy as a whole—not just at the community level.
Being designated a small business can also help socially and economically disadvantaged business owners succeed. The SBA provides entrepreneurs with counseling and workshops and helps them connect with federal buyers.
Being classified as a small business by the SBA opens the door to a range of financial benefits and tools that aren’t available to larger companies. In addition to being eligible for SBA and United States Department of Agriculture (USDA) loans, small businesses are more likely to get government contracts and grants. Eligible business owners can also take advantage of additional tax incentives and business resources that are reserved for small businesses.
These are some of the main advantages of being classified as a small business:
A business must meet the requirements for a small business to qualify for SBA loans and certain USDA loan programs. SBA loans, including the flagship 7(a) loan program, popular 504 loans, CAPLines and Microloans, are only available to small businesses. Likewise, loans that are part of the USDA’s OneRD Guarantee Loan Initiative are reserved for rural small businesses, agricultural producers and tribes.
When awarding contracts, the U.S. government often favors businesses that qualify as small businesses. Many government contracting programs even set aside a certain number of contracts for small businesses. According to the SBA, 23% of all prime government contract dollars are awarded to small businesses.
Likewise, several federal grant programs are reserved for small businesses or are more likely to be awarded to small businesses. Grants like the Small Business Innovation Research (SBIR) and the Small Business Technology Transfer (STTR) programs are intended to help small firms conduct scientific research that can contribute to federal research and development objectives.
Other programs are aimed at encouraging entrepreneurs. For example, the 7(j) Management and Technical Assistance Program provides management and technical assistance and guidance to eligible small businesses.
Small business owners can take advantage of several tax incentives, including tax credits and standard business deductions. For example, the Small Business Health Care Tax Credit lets eligible small businesses save as much as 50% on health insurance premiums. State and local tax incentives may also be available for small businesses—though eligibility requirements may differ from those the SBA imposes.
In addition to financial benefits, companies that meet the SBA’s definition of a small business can take advantage of several resources to help them compete against larger organizations. This includes access to one of more than 75 SBA district offices and more than 900 small business development centers that offer local business assistance. Small business owners can also benefit from the SBA Office of Advocacy, certification programs, business plan guidance and other entrepreneurial resources.
Kiah Treece is a small business owner and personal finance expert with experience in loans, business and personal finance, insurance and real estate. Her focus is on demystifying debt to help individuals and business owners take control of their finances. She has also been featured by Investopedia, Los Angeles Times, Money.com and other financial publications.
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A business presentation focuses on communication, interaction, and bonding between you and your audience. It allows you to build a good impression and brand image. This not only helps you convey messages and convince your audience but also establishes relationships and creates better connections. 2. Provides Information.
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A business presentation is a great tool that will help you attract new investors and customers, or let people know about your business. This slideshow or demonstration showcases your services, products, and even history. This is usually carried out through audio/visual material such as televisions, laptops, projectors, and statistical documents.
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Outlining your presentation is one way to help you organize your thoughts and keep your presentation focused on the relevant material. 3. Tell a story. No one likes being lectured, even by an industry expert. Once you've gathered all of your information try to find ways to inject anecdotes into the topic.
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Step 2: Click Create Presentation AI from the Home page to start. Step 3: Select Begin with a topic to use AI and generate an outline. Step 4: Enter your topic in the text box, then click Continue to let AI create the content outline. You can also select from one of the suggested keywords to explore first.
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