Small Businesses Receive $154.2 Billion in Government Contracts

The United States Small Business Administration (SBA) recently announced that the Biden-Harris Administration has exceeded its federal small business contract target by allocating $154.2 billion in federal contract dollars to small businesses.

Small Businesses Receive $154.2 Billion in Government Contracts

The amount is an $8 billion increase from the previous fiscal year, with the proportion of contracts going to small businesses equaling 27.2% of total federal contract funds. Along with $72 billion in subprime contracts, these “historic spending” have helped support more than a million jobs in the U.S. economy.

SBA proudly exceeds contractual targets

The SBA sets a set number of contract goals for each agency and then works with government buyers to ensure they prioritize small businesses.

Overall, the federal government surpassed its target of 23% in prime contract dollars, earning an “A” rating on this year’s government-wide Scorecard. Eleven of the federal agencies also received an “A+” rating for their performance on small business contracts.

‘Historical records’ for small business contracts

Administrator Isabella Casillas Guzman said of the SBA’s achievement, “The Biden-Harris administration has set historic records for small business contracts, including the highest percentage of spending on small underprivileged businesses and growth for our service-disabled experienced small businesses. , which has increased competition, strengthens local economies and supported job growth across the country.

“By expanding small business opportunities and building equity in federal procurement, we have ensured that federal agencies can take full advantage of the extraordinary talent and innovation delivered by our nation’s entrepreneurs. Building on the major procurement reforms announced last year; the SBA will continue to make further progress on all federal procurement targets so that more entrepreneurs can grow their businesses with government contracts, including those presented by President Biden’s Infrastructure Investment and Jobs Act.

US Secretary of Transportation Pete Buttigieg added: “Small businesses know how to get the job done, and they play a key role in realizing the generational infrastructure investments underway through the Bipartisan Infrastructure Law. We know that it has not been easy for small businesses – especially those of women and people of color – to reap the benefits of past investments in infrastructure, and we are proud of the actions this government is taking to level the playing field. barriers to opportunity and increase access to wealth creation for small businesses across America.

Alejandro N. Mayorkas, one of the departments that received an ‘A+’ rating, said: “Last year alone, DHS committed $8 billion to US small businesses committed to the homeland security mission. DHS will continue to lead small business contracts by focusing on small business reach and engagement, while supporting diversity, equity and inclusion.”

Agency scorecards reveal spending details

The agency’s scorecards showed that spending on small underprivileged businesses hit 11% for the first time in history, reaching President Biden’s pledged increase for such businesses a year ahead of schedule.

Spending on small businesses owned by veterans with disabilities reached 4.4%, easily meeting the original target of 3%. That represents approximately $25 billion in procurement and an increase of $1 billion in spending from the prior year.

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