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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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What Is Considered a Small Business by the SBA?
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…