Small business: A small business is one that is independently owned and operated and which is not dominant in its field of operation. The law also states that in determining what constitutes a small business, the definition will vary from industry to industry to reflect industry differences accurately. The U.S. Small Business Administration (SBA)'s Small Business Size Regulations implement the Small Business Act's mandate to SBA. SBA has also established a table of size standards, matched to the North American Industry Classification System (NAICS) industries.
8(a) business: The term 8(a) refers to a business that is at least 51 percent owned by U.S. citizens who are found to be socially and economically disadvantaged, and the business must be managed and controlled by disadvantaged individuals. For the 8(a) Disadvantaged Business program, the business must also demonstrate potential for success and the business itself and its principals and owners must demonstrate good character.
HUBZone business: The HUBZone Empowerment Contracting Program stimulates economic development and creates jobs in urban and rural communities by providing federal contracting preferences to small businesses. These preferences go to small businesses that obtain HUBZone (Historically Underutilized Business Zone) certification in part by employing staff who live in a HUBZone. The company must also maintain a principal office in one of these specially designated areas. The program resulted from provisions contained in the Small Business Reauthorization Act of 1997.
Note: The definitions above are from the U.S. Small Business Administration and are subject to change. For the most current definition and to certify as Small Business, 8(a) or HUBZone status, please reference their website.