If you plan to apply for any SBA program other than the Small Business Investment Companies (SBIC) program, you’ll have to fill out this form. This blog post will review what SBA Form 355 is, the information you’ll need to provide, and how to complete it.
What is SBA Form 355?SBA 355 provides requested information to the SBA that it needs to determine whether your company fits their definition of a small business. According to the SBA, “A small business is a concern that is independently owned and operated, not dominant in its field of operation, and does not exceed the size standard applicable to the procurement or program for which the business is applying.” Based on your information on this form, the SBA will either approve or deny your eligibility for their small business loan programs.
What Information Do You Need to Provide for the SBA Form 355?When you fill out this form, you’ll need to provide basic identifying information about your business. You’ll also need to determine the purpose for which you’re requesting a size determination and answer a few questions about the nature of your business. From there, the primary focus is to ensure that your business meets the following requirements:
- Prove that you own an independently owned company
- Confirm that you aren’t an industry leader
- Certify that you are within the size standards for your industry.
1. Size StandardsThe SBA size standards are based on one of the following:
- The number of employees in your company
- Percentage of sales or receipts that your company generated in the last fiscal year