A small business is a corporation, partnership, or sole proprietorship with fewer employees and typically lower average annual revenue than larger businesses.
The SBA's definition of a small business varies by industry, according to industry-specific size standards, from $2.25 million to more than $47 million in revenue.
Understanding the definition of small businesses is crucial, as it determines access to federal government programs and resources available to support such businesses.
These standards represent the largest total revenue or number of employees that a business can have and still qualify for government small business programs.
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