How could Oakland Park benefit from new SBA standards for small businesses?

The U.S. Small Business Administration is redefining what it means to be considered a small business, aiming to ensure bigger companies can enjoy the perks. An SBA spokesperson told CBS News Miami it could help address the decline in the number of small companies, and Oakland Park is trying its own remedy to attract small startups.

That remedy is an incentive program with strings attached. For example, any business moving into storefronts in the year-old Sky Building can score tens of thousands of dollars as incentives. At MADabolic Oakland Park, coaches teach strength-building fundamentals, but what's happening around the gym is fueling sky-high expectations for growth.

"They've done a lot to just give us a foundation to start on that's really manageable," said owner Zach Eggen, "and we've been able to take a business that generally doesn't grow super fast."

MADabolic Oakland Park is one of the first business tenants in the Sky Building, located along Dixie Highway. It's the first step in city leaders' plan to rejuvenate downtown Oakland Park, but with less than 50,000 taxpayers and no special tax to buy redevelopment, staff launched an incentive program to attract small startups. Those who move in and create new full-time jobs are reimbursed up to $40,000.

Neysa Herrera, the CRA and economic director for the City of Oakland Park, oversees that grant.

"It's a win for the community, because we are creating and bringing new jobs to the area," she said, "bringing new services and amenities, and it's a win for the local economy as a whole."

Nir Shoshani's company owns the Sky Building, and said it's a critical program for getting tenants in Broward County.

"Without it, it would have made other areas more attractive," he said.

The program is now on the verge of adding its third business, and it's happening as the SBA is redefining what "small business" means. The proposal allows bigger companies to qualify for SBA loans and programs. Right now, the SBA considers fitness centers with less than $17.5 million in annual revenue as small businesses. Under the proposed changes, those making almost three times that amount are also considered small businesses. An agency spokesperson said that current size standards led to a 50% decline in small businesses over the last 15 years, and that changes would reward growth and strengthen the economy.

"It's been tough for a couple years now, honestly," Eggan admitted. He said he found no better place than downtown Oakland Park, and the city's Sky Building Incentive Program is no small part of that for him.

That pilot program is still accepting applications, and city staff said that if the storefronts fill up, the program could expand across the city.