Small Business Fact Sheet

The Federal Acquisition Regulation Part 19 Governs the Small Business Program

In 1953 Congress passed the Small Business Act, which created the Small Business Administration (SBA) that is charged with overseeing the small business program. Public Law 95-507 amended the Small Business Act to include subcontracting with small businesses and required agencies to establish goals for contracting with small businesses.

OCC's FY 2024 Small Business Goals

Goals are negotiated every year to ensure small businesses receive fair and equal opportunities for federal contracts.

Definitions of Small Business Preference Groups

• Small Business (SB) – Independently owned and operated qualified under the criteria of size standard based on the North American Industry Classification System Codes (NAICS).
• Small Disadvantaged Business (SDB) – Must be at least 51 percent owned by one or more individuals who are both socially and economically disadvantaged. The OCC SDB goal includes the 8(a) Program – A business development program managed by SBA to assist 8(a) firms in obtaining federal contracts. The 8(a) firm is in the program for nine years.
• Women-Owned Business (WOB) – Must be at least 51 percent owned by one or more women. To be eligible for a WOB set aside you must be certified with the SBA or with another SBA-approved third party certifier.
• Service Disabled Veteran Owned Small Business (SDVOSB) – Must be at least 51 percent owned by service disabled veteran with a service-connected disability that has been determined by the Department of Veteran Affairs or Department of Defense.
• HUBZone Business – Must have its principal office in an underutilized business zone determined by the SBA and must certify that not less than 35 percent of its employees are residents of the HUBZone area. Additionally, to qualify for the HubZone program, a business must be a small business by SBA standards and owned and controlled at least 51 percent by U.S. citizens, or a Community Development Corporation, or an agricultural cooperative or an Indian tribe.
• Small Business Set-Aside – Reserves acquisition for small business.

For More Information

Contact Marcus Benefield, small business specialist.

OSDBU Contacts at the Department of the Treasury

• Treasury's Small Business website