What's the definition of a small business? About a dozen stakeholder organizations along with Virginia's Secretary of Commerce are in the process of redefining what it means in the Commonwealth.
The redefinition could affect the eligibility of many companies to compete for state contracts or participate in some financial assistance programs. The task force is the result of legislation passed earlier this year, which was sponsored by Northern Virginia Delegate Alfonso Lopez.
Secretary of Commerce and Trade Maurice Jones says that means a business with 17 employees that generates $4 billion in revenue can still bid on contracts targeted for small businesses.
While Jones' task force has not developed a definition yet, its goal is to collect opinions and resources from interested stakeholders, meet again over the summer, and recommend a blueprint that lawmakers can work with during their next General Assembly session.
