It is important for you to be aware that the term “small business,” as outlined in Section 1071, specifically refers to the Small Business Administration (SBA) Regulations Part 121. In order to comply with the Section 1071 and to better understand the classification of a small business, it is essential to consult the updated Part 121 size standards document, which includes the relevant North American Industry Classification System (NAICS) codes. Part 121 complements the $5 million GAR limit for small business borrowers specified in ECOA under Subpart B “Small Business Lending Data Collection”
GeoDataVision, a leading provider of financial and regulatory compliance solutions, has taken the initiative to create and maintain a comprehensive and up-to-date copy of the Part 121 size standards, including the associated NAICS codes. This valuable resource is being made available to banks and financial institutions at no cost, in an effort to promote widespread understanding and adherence to these important guidelines.
If your bank or financial institution is interested in obtaining a free copy of the Part 121 Business Size standards document, we have made the process simple and convenient. All you need to do is click on the following link, and you will be directed to a secure web page where you can access and download the latest version of the size standards: Click here.
By providing this resource to the banking community, we hope to facilitate a smoother and more efficient process for banks and financial institutions when it comes to evaluating and working with small businesses. This, in turn, will help promote a healthy and thriving small business sector, which plays a vital role in driving economic growth and innovation.
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