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Council approves updates to small-business eligibility standards and extends certification period to three years
Summary
Richland County's Office of Small Business Opportunity will increase certain industry size standards and extend certification periods from two to three years after council accepted the committee recommendation.
Richland County Council on Tuesday approved updates to eligibility standards used by the Office of Small Business Opportunity (OSBO), increasing size thresholds in construction, architecture and engineering and extending certification periods from two years to three.
Director Green told the council that size standards in the affected categories had not changed since 2013 and that rising costs and higher revenues in many small businesses justified the adjustment. Specifically, staff recommended raising the average annual revenue thresholds (three-year averages) for construction from $7,000,000 to $10,000,000; architecture from $3,000,000 to $5,000,000; and engineering from $2,500,000 to $5,000,000. The council approved the committee recommendation to adopt the updated thresholds.
Council also approved extending the OSBO certification period from two years to three to align with partner agencies and to address delays in collecting financials from small businesses. Director Green said staff would contact affected firms proactively so they are not surprised by the rule change.
The committee recommended the changes to better reflect current market conditions and to harmonize certification timelines with collaborative partners. Council accepted the recommendation, and the adjustments are now the county's standards until further action.
