President Obama said today he is elevating the Small Business Administration to a Cabinet-level agen

[fasttense]

36. So what is a small business?

I looked it up at the SBA and it breaks out small businesses based upon the industry.

For example a financial institution can not have more than $150 million in assets to be considered a small business while a cattle rancher can not have more than $750,000 in assets to be considered a small business. Some industries are not defined by total assets but by the number of people who work for the business. For example an Industrial Sand Mining company can not have more than 500 people employed to be considered a small business while a Fats and Oils Refining and Blending company can not have more than 1,000 people employed.

I would not consider some of these small business definitions as small, while others I think are well defined.

A small sheep farmer can not have more than $750,000 in assets.

Here's the link if you want to look up what a small business definition is in your field.

http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=ecfr&sid=17a8b75b6d39a91bd4e087a6f4339059&rgn=div5&view=text&node=13:1.0.1.1.17&idno=13#13:1.0.1.1.17.1.266