WHAT IS A SMALL BUSINESS?

Small business is defined as a privately owned corporation, partnership, or sole proprietorship that has fewer employees and less annual revenue than a corporation or regular-sized business. The definition of “small”—in terms of being able to apply for government support and qualify for preferential tax policy—varies by country and industry. The U.S. Small Business Administration defines a small business according to a set of standards based on specific industries.

Industry Not to exceed Manufacturing and mining  500 employees Wholesale trade  100 employees Retail and service $6 million average annual revenue General and heavy construction $28.5 million average annual revenue Special trade contractors  $12 million average annual revenue Agriculture $0.75 million average annual revenue