NMSDC Commends the U.S. Small Business Administration’s Rule Modifications to Small Business Size Standards

New York, New York, April 15, 2022 (GLOBE NEWSWIRE) — The National Minority Supplier Development Council (NMSDC) commends the recent U.S. Small Business Administration’s (SBA) final four rules to modify revenues-based small business size standards in 16 North American Industrial Classification System (NAICS) sectors that will increase small business eligibility for SBA’s federal contracting and loan programs for approximately 59,000 additional firms. The final rules are part of the second five-year review of size standards, as required under the Small Business Jobs Act of 2010. 

“Our national network of over 15,000 MBEs will benefit greatly from this new rule change,” comments Ying McGuire, CEO and President of NMSDC. “And, it is our hope to continue to work with Administrator Guzman and the Administration to bring greater economic equity, transparency, and accountability in federal government contracting.”  

Minority business enterprises (MBEs) have faced historical disenfranchisement and institutional barriers in government contracting which have continuously suppressed economic growth to minority businesses. With the historic passing of the Bipartisan Infrastructure Law the SBA’s revised rules will help bring economic equity in the federal contracting process during the implementation of the law.

“NMSDC applauds the Biden Administration,” adds Carlton L. Oneal, NMSDC National MBE Input Committee Chair and President LightSpeedEdu, Inc. “Their concerted efforts regarding data transparency on government contracting with systematically excluded communities of color, such as Blacks, Hispanics/Latinos, Asian Americans, Native Hawaiians, Pacific Islanders, and Tribal Nations, have resulted in creating some of the necessary changes to strike down barriers within these communities.”

The final rule in the Federal Register affects four key areas: Transportation and Warehousing, Information, Finance and Insurance, and Real Estate and Rental and Leasing. NMSDC supports this extraordinary first step and will continue to advocate for breaking down other barriers that continue to suppress economic equity for all MBEs.

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About NMSDC
Founded in 1972, NMSDC is the longest-operating business growth engine for the broadest group of systematically excluded communities of color (Asian, Black, Hispanic and Native American), and our impact goes far beyond supply chain. It’s about upward mobility for the emerging majority of Americans, an equal shot at participating in the American experiment of free-market capitalism and entrepreneurship. Our work is about correcting the unequal access to wealth-building opportunities. For more information, please visit www.nmsdc.org.