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| SBA proposes Increased ‘Small Business’ Asset Threshold |
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A Small Business Administration (SBA) proposal issued Thursday would increase the asset threshold used to determine small business status to $5.031 billion (up from the current $850 million). SBA estimates this change would bring an additional 429 credit unions within the small business definition, for a total of 4,471 credit unions eligible for federal small business assistance.
Classifying more credit unions as small businesses increases the likelihood that the CFPB will conduct Small Business Regulatory Enforcement Fairness Act panels during its rulemaking process. America’s Credit Unions has advocated for this change.
Specifically, the proposal would streamline the existing six-digit North American Industry Classification System structure to a four-digit classification system that reduces total size standard categories down to 338 (from nearly 1,000). It also introduces regional market considerations to ensure size thresholds accurately reflect the realities of local economic competition, according to the agency.
Comments on the proposal are due Sept. 21.
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