A proposal to redefine City Hall’s definition of “emerging small businesses” has been scrapped following a Free Press report last week highlighting the potential detriment the change could create for city-based businesses seeking city contracts.

Mayor Levar M. Stoney pulled the proposal Tuesday before it could be taken up by City Council’s Finance Committee, which is scheduled to meet Thursday, Jan.16.

The change, proposed by Mayor Stoney, would have dropped requirements that fledgling companies seeking preferential treatment on city contracts be located in Richmond and pay city taxes — opening the door to competition from small businesses that operate out of neighboring counties.

Councilman Michael J. Jones, 9th District, who chairs the Finance Committee, indicated that he was concerned about the potential change and said he planned to have “a serious discussion” about the proposal at the committee meeting.