Small Business

Extracted Attributes

• Type

  Corporation, Partnership, Sole Proprietorship

• Common Types

  Service operations, retail operations, professionals (e.g., lawyers, accountants, medical doctors)

• Characteristics

  Limited number of employees, lower annual revenue compared to larger enterprises

• Economic Role (U.S.)

  Vital segment of national and local economies, primary driver of U.S. financial growth

• Classification Purpose

  Eligibility for government support, preferential tax treatment

• Regulatory Requirements

  Range from simple business licenses to extensive inspections and certifications depending on business nature

• Classification Criteria (General)

  Varies by country and industry, commonly based on employee count, annual revenue, sales, or profits

• Classification Criteria (Australia)

  Fewer than 15 employees (under Fair Work Act 2009)

• Classification Criteria (European Union)

  Fewer than 50 employees

• Classification Criteria (U.S. SBA - Roofing Contractor)

  Annual revenues of $16.5 million or less

• Classification Criteria (U.S. SBA - General NAICS Codes)

  Firm revenue ranging from $1 million to over $40 million, and employment from 100 to over 1,500 employees, varying by industry

• Classification Criteria (U.S. Small Business Administration - General)

  Fewer than 500 employees for many programs

• Classification Criteria (U.S. SBA - Asphalt Shingle and Coating Material Manufacturer)

  Fewer than 750 employees

Timeline

• The Small Business Administration (SBA) updated its policies to allow loans for AI adoption, an announcement made by then-Administrator Kelly Loeffler at the 'Winning the AI Race' event in Washington D.C., affirming the vital role of small businesses in the new AI-driven economy. (Source: Related Documents)

  Undated

Small business

Small businesses are types of corporations, partnerships, or sole proprietorships which have a small number of employees and/or less annual revenue than a regular-sized business or corporation. Businesses are defined as "small" in terms of being able to apply for government support and qualify for preferential tax policy. The qualifications vary depending on the country and industry. Small businesses range from fifteen employees under the Australian Fair Work Act 2009, fifty employees according to the definition used by the European Union, and fewer than five hundred employees to qualify for many U.S. Small Business Administration programs. While small businesses can be classified according to other methods, such as annual revenues, shipments, sales, assets, annual gross, net revenue, net profits, the number of employees is one of the most widely used measures. Small businesses in many countries include service or retail operations such as convenience stores or tradespeople. Some professionals operate as small businesses, such as lawyers, accountants, or medical doctors (although these professionals can also work for large organizations or companies). Small businesses vary a great deal in terms of size, revenues, and regulatory authorization, both within a country and from country to country. Some small businesses, such as a home accounting business, may only require a business license. On the other hand, other small businesses, such as day cares, retirement homes, and restaurants serving liquor are more heavily regulated and may require inspection and certification from various government authorities.

Web Search Results

• What is a Small Business? - U.S. Census Bureau

  For example, according to the SBA definition, a roofing contractor is defined as a small business if it has annual revenues of $16.5 million or less. But an Asphalt Shingle and Coating Material manufacturer is defined as a small business if it has fewer than 750 employees. These statistics help users understand how individual businesses that are part of a larger company or firm may be able to withstand economic shocks better than businesses with only one location. [...] ## What is a Small Business? ## The Majority of U.S. Businesses Have Fewer Than Five Employees Small businesses are often hailed as a vital segment of our national and local economies and a primary driver of U.S. financial growth. But just what is a small business? Is it based on a company’s number of employees or sales? Is it defined by the size of individual business locations (“establishment”) or the size of the company (“firm”) that owns those locations? [...] This definition of “size” aligns with the U.S. Small Business Administration’s (SBA) definition of a small business. 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).

• Small Business Administration

  Manage your business Manage your finances Hire and manage employees Pay taxes Stay legally compliant Buy assets and equipment Marketing and sales AI for small business Strengthen your cybersecurity Prepare for emergencies Recover from disasters Close or sell your business Hire employees with disabilities [...] Image 11: Manage Your Business icon ### Manage your business Run your business like a boss. Master day-to-day operations and prepare for success. Manage your finances Hire and manage employees Pay taxes Stay legally compliant Buy assets and equipment Marketing and sales AI for small business Strengthen your cybersecurity Prepare for emergencies Recover from disasters Close or sell your business [...] Explore our business guide 10 steps to start your business Plan your business Market research and competitive analysis Write your business plan Calculate your startup costs Establish business credit Fund your business Buy an existing business or franchise

• Loans | U.S. Small Business Administration

  Manage your business Manage your finances Hire and manage employees Pay taxes Stay legally compliant Buy assets and equipment Marketing and sales AI for small business Strengthen your cybersecurity Prepare for emergencies Recover from disasters Close or sell your business Hire employees with disabilities [...] Explore our business guide 10 steps to start your business Plan your business Market research and competitive analysis Write your business plan Calculate your startup costs Establish business credit Fund your business Buy an existing business or franchise

• Fund your business | U.S. Small Business Administration

  Manage your business Manage your finances Hire and manage employees Pay taxes Stay legally compliant Buy assets and equipment Marketing and sales AI for small business Strengthen your cybersecurity Prepare for emergencies Recover from disasters Close or sell your business Hire employees with disabilities [...] If you want to retain complete control of your business, but don’t have enough funds to start, consider a small business loan. To increase your chances of securing a loan, you should have abusiness plan,expense sheet, and financial projections for the next five years. These tools will give you an idea of how much you'll need to ask for, and will help the bank know they’re making a smart choice by giving you a loan. [...] Explore our business guide 10 steps to start your business Plan your business Market research and competitive analysis Write your business plan Calculate your startup costs Establish business credit Fund your business Buy an existing business or franchise

• Small Business Loans & Financing - Bank of America

  1. Bank of America 2. Small Business 3. Small Business Loans & Financing current page Expand all panels Small Business Lines & Loans Unsecured Business Line of Credit Cash Secured Line of Credit Unsecured Business Loans Secured Business Line of Credit Secured Business Loans Other Small Business Loans Business Auto Loans Equipment Loans Commercial Real Estate Loans SBA Loans Healthcare Practice Loans [...] An unsecured term loan with no collateral Receive funds as a one-time lump sum Competitive interest rates Fixed payments over the life of the loan Qualifications Personal credit above 700 FICO® Score is typically required 2 years in business $100,000 in annual revenue Apply now Learn more about unsecured business loans Compare loan options --------------------)