An SBA proposal to revise the size of small businesses in several sectors, including finance and insurance, could potentially allow 12,900 firms to be eligible for the agency's loan programs.
The SBA said it has proposed increasing 32 revenue-based size standards and give asset-based size standards in the finance and insurance sector.
More than 2,000 additional financial institutions would qualify as small if the revised asset-based size standards are adopted, the agency said. This includes 25 minority-owned financial institutions that could become eligible to participate in subcontracting agreements with prime contractors for subcontracting goals and credits.
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