Four agencies, picked from the COI roster, are to pitch for the business alongside GCI, which is looking to retain the work.
A DTI spokesperson said that although the brief was general in nature, the chosen agency would also be tasked with targeting 'sector-specific magazines'.
'There's a lot that can be done in terms of women's magazines and the ethnic minority press. It's quite a huge remit as anyone can start up a small business,' she added.
The SBS, which is a unit within the DTI, launched in April 2000 with the aim of securing £1bn of investment in small businesses by 2004.
The body was established with the purpose of representing the needs of small businesses in central government. It also seeks to promote competitiveness and profitability among small businesses and minimise the burden of regulation upon them.