The Small Business Administration is changing the standards for being a “small business” — and for qualifying for the needed benefits.

Your company could be one that may soon qualify for some additional financing, courtesy of the federal government.

For the first time in 25 years, the Small Business Administration has decided to revisit its definition of a “small business” in 900 industries.

In most cases, definitions will be broadened so more companies will mean more businesses will be able to participate in programs like the popular 7(a) loan guarantee program.

So how will the feds decide who gets new consideration?

The main criteria:

1. the average size and start-up costs for a business in that industry
2. what competition is like, and
3. the barriers to entry.

We’ll update you as soon as the standards are revised.