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DEFINITIONS: (For complete list and regulations, visit www.sba.gov/size also www.sam.gov for registration). Small Business: The Small Business Administration defines a business as small mostly based on either the number of employees over the past 12 months or the average annual receipts over the past three years. In addition to size standards, a business needs to meet the following criteria to qualify as small: • Is organized for profit • Has a place of business in the U.S. • Operates primarily within the U.S. or makes a significant contribution to the U.S. economy through payment of taxes or use of American products, materials or labor • Is independently owned and operated • Is not dominate in its field on a national basis Small Disadvantaged Business: a small business firm which is at least 51% unconditionally owned by one or more socially and economically disadvantaged individuals (Black Americans, Hispanic Americans, Native Americans, Asian-Pacific Americans, Subcontinent Asian Americans) or minorities or individuals found to be disadvantaged pursuant to Section 8(a) of the Small Business Act. Woman-owned Business: a firm in which at least 51% of the company is owned by one or more women. Veteran-owned Business: a firm in which at least 51% of the company is owned by one or more veterans. Service-disabled Veteran-owned Business: a firm in which at least 51% of the company is owned by one or more service-disabled veterans. HUBZone Area: categories may be defined by consulting your local Small Business Administration Office.
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