{"id":22875,"date":"2024-02-22T13:47:16","date_gmt":"2024-02-22T21:47:16","guid":{"rendered":"https:\/\/www.tmcfinancing.com\/?p=22875"},"modified":"2024-02-26T15:04:44","modified_gmt":"2024-02-26T23:04:44","slug":"sba-size-standard-updates-2024","status":"publish","type":"post","link":"https:\/\/www.tmcfinancing.com\/es\/sba-size-standard-updates-2024\/","title":{"rendered":"&#8220;Small&#8221; Just Got Bigger: SBA Size Standard Update"},"content":{"rendered":"<p>The Small Business Administration (SBA) recently announced significant changes to its size standards, leading to more opportunities for businesses to qualify for SBA loans.<\/p>\n<p>According to the new SOP (Standard Operating Procedure), the SBA has increased the eligibility thresholds for its SBA 7(a) and <a href=\"https:\/\/www.tmcfinancing.com\/es\/business-financing\/why-sba-504\/\" target=\"_blank\" rel=\"noopener\">SBA 504 lending programs<\/a>. These adjustments aim to accommodate inflation and support a broader pool of qualified borrowers by making SBA financing even more obtainable.<\/p>\n<p><strong>Summary of New SBA Size Standards Effective March 18<sup>th<\/sup>, 2024<\/strong><\/p>\n<p><strong><u>A small business may be eligible for SBA 504 or 7(a) financing if:<\/u><\/strong><\/p>\n<ul>\n<li><strong>Tangible Net Worth<\/strong> does not exceed $20 million (up from $15 million)<\/li>\n<li><strong>Average Net Income<\/strong> after taxes does not exceed $6.5 million (up from $5 million) over the past two years<\/li>\n<li><strong>Size standards increase by 25 percent<\/strong> when all proceeds are used within a labor surplus area\n<ul>\n<li>visit the <a href=\"https:\/\/www.dol.gov\/agencies\/eta\/lsa\" target=\"_blank\" rel=\"noopener\">US Department of Labor website<\/a> to determine if your business location is in a labor surplus area<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>If a business exceeds these size standards, they may still qualify under the <a href=\"https:\/\/www.sba.gov\/document\/support-table-size-standards\" target=\"_blank\" rel=\"noopener\">industry size standards.<\/a><\/p>\n<p><strong>Impact and Benefits<\/strong><\/p>\n<p>This update represents a significant adjustment to the former size standard, reflecting a 34.46 percent increase to account for inflation since the establishment of the statutory standard in 2010.<\/p>\n<p>The SBA&#8217;s decision to raise size standards reflects its commitment to supporting even more small businesses and fostering economic resilience. Many eligible borrowers are unaware that they can <a href=\"https:\/\/www.tmcfinancing.com\/es\/leveraging-multiple-504-loans\/\" target=\"_blank\" rel=\"noopener\">acquire multiple SBA loans and that there is no limit to total project financing.\u00a0<\/a><\/p>\n<p>For additional details, please refer to the <a href=\"https:\/\/www.federalregister.gov\/documents\/2024\/02\/15\/2024-02776\/small-business-size-standards-adjustment-of-alternative-size-standard-for-sbas-7a-and-cdc504-loan\" target=\"_blank\" rel=\"noopener\">Final Rule issued by the SBA on 2\/15\/2024<\/a>.<\/p>\n<p><em>*All\u00a0SBA 504\u00a0information above is subject to full pending SBA implementation guidance \u2013 required regulations,\u00a0notices,\u00a0and revised forms.\u00a0 The regulations surrounding a CDC\u2019s ability to implement the new regulatory changes are still being finalized. The SBA is expected to provide more information\u202fas soon as it is available.<\/em><\/p>\n<p><strong>Please check back for the most up-to-date information and contact a<a href=\"https:\/\/www.tmcfinancing.com\/es\/contact\/\" target=\"_blank\" rel=\"noopener\"> TMC Financing representative<\/a> to discuss your project details.\u00a0\u00a0<\/strong><\/p>","protected":false},"excerpt":{"rendered":"<p>The Small Business Administration (SBA) recently announced significant changes to its size standards, leading to more opportunities for businesses to qualify for SBA loans. According to the new SOP (Standard&#8230;<\/p>","protected":false},"author":3,"featured_media":22876,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","inline_featured_image":false,"footnotes":""},"categories":[141,25,90],"tags":[380,8798,8797,8637,320,8844],"class_list":["post-22875","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-education","category-news-updates","category-sba","tag-380","tag-eligibility","tag-final-rule","tag-program-changes","tag-sba","tag-size-standards"],"acf":{"related_posts":false},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.3 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>SBA 504 Size Standard Updates | TMC Financing<\/title>\n<meta name=\"description\" content=\"The SBA has implemented changes to enable more small businesses to take advantage of the SBA 504 and SBA 7(a) loan programs.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.tmcfinancing.com\/es\/sba-size-standard-updates-2024\/\" \/>\n<meta property=\"og:locale\" content=\"es_MX\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"&quot;Small&quot; 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