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Recent revisions in the Small Business Administration code will make it easier for independent restaurant operators and individual franchisees below a certain amount of revenue to enlist the agency's help, according to an October 6 update published in the Federal Register.
Limited-service restaurants can now take in up to $10 million in revenue and still be eligible for SBA assistance programs, up from the previous $7 million litmus. Foodservice contractors’ upper limit was raised from $20.5 million to $35.5 million.
The rule goes into effect November 5. SBA officials said previous rules were antiquated.
From the register:
Over the years, SBA has received comments that its size standards have not kept up with changes in the economy and, in particular, that they do not reflect changes in the Federal contracting marketplace. The last overall review of size standards occurred during the late 1970s and early 1980s.
Topics: Equipment & Supplies
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