The U.S. Small Business Administration defines what constitutes a small business according to several different criteria. The distinction is important because small businesses have unique opportunities to bid on government contracts and take out the kind of SBA-guaranteed loans for which you can apply at UnsecuredBizLoan .com.
Size is one factor that determines whether a business qualifies as a “small business.” Size is assessed either by the number of employees over the course of the most recent year or by the company’s average receipts over the most recent three years. The SBA uses the larger figure that represents the current size of your business, including affiliates and subsidiaries. Size requirements vary by industry. The SBA publishes the requirements according to industry in its Table of Small Business Size Standards. You search for your industry code in the table to identify the standards that apply to your business.
A business must meet several other requirements in order for the SBA to consider it a small business. It must have a for-profit business structure and it must have a U.S. location. In addition, the SBA notes, the company must operate primarily in the U.S. or make a significant contribution to the U.S. economy by paying taxes or using American products, supplies or labor. Furthermore, the company must be independently owned and operated, and it may not have primary market share nationally for its product or service.
After you’ve verified that your business is, in fact, a small business, you’re ready to apply for up to $35,000 in financing at UnsecuredBizLoan .com. The SBA encourages lenders to finance your operations or expansion by guaranteeing up to 80 percent of the amount you borrow.
To apply for funding for your small business, use the form on the right to begin the application process.