SB 1369

Abstract

Department of Small Business and Supplier Diversity; definitions; small business. Redefines "small business" for the purpose of programs for the Department of Small Business and SupplierDiversity to allow a cooperative association organized pursuant toChapter 3 (Cooperative Associations) of Title 13.1 as a nonstockcorporation to qualify as a small business if it is at least 51 percentindependently controlled by one or more members who are U.S. citizensor legal resident aliens and, together with affiliates, has 250 orfewer employees or average annual gross receipts of $10 million orless averaged over the previous three years. The bill also redefines "small business" for the purpose of programs for the Virginia Public Procurement Act to allow a cooperative association organized pursuantto Chapter 3 (Cooperative Associations) of Title 13.1 as a nonstockcorporation to qualify as a small business if it is controlled byone or more members who are U.S. citizens or legal resident aliensand, together with affiliates, has 250 or fewer employees or averageannual gross receipts of $10 million or less averaged over the previousthree years.