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Small Businesses Exceed Federal Contracting Goals

Isabel Casillas Guzman, the Director of the Small Business Administration, stated that the government had achieved a new high by awarding 28.4% of its contracts to small businesses during a meeting held at the White House in honor of National Small Business Week. This represents a significant increase over the prior year, demonstrating the government's efforts to support the expansion of small businesses.


This record amount represents a $15.7 billion increase over the previous fiscal year to $178.6 billion invested in the small business economy, supporting over a million well-paying jobs in manufacturing, construction, R&D, technology, defense, and other critical industries. The Biden-Harris Administration's dedication to equity while increasing the share of the market for all small business owners is shown by the increased contracting dollars received by minority-owned businesses in almost all demographic categories.


A+ marks were given to ten government agencies and an A grade to another twelve. On this year's government-wide scorecard, the federal government as a whole received an A. The Departments of Agriculture, Housing and Urban Development, Interior, Homeland Security, SBA, General Services Administration, Commerce, Nuclear Regulatory Commission, National Science Foundation, and Office of Personnel Management are this year's A+ winners. 


Key achievements of the federal government's performance include:

-Small Disadvantaged Business (SDB) spending exceeded its annual goal of 12% for the third consecutive year, with a record-breaking $76.2 billion awarded in FY23.

-Service-disabled veteran-owned small business (SDVOSB) spending surpassed its 3% goal, reaching 5% and totaling $31.9 billion in procurement.

-Historically Underutilized Business Zone (HUBZone) small businesses received a record-breaking $17.5 billion in federal contract awards.

-Women-owned Small Businesses (WOSB) were awarded $30.9 billion in federal contracting dollars in FY23, the highest amount ever awarded to WOSBs.

-The federal government met its small business subcontracting goals, awarding 33.34%, or $86.4 billion, to small business subcontractors.

-Contract spending with all demographic groups in SBA's contracting data increased for the federal government.


For more details, click the link.... https://www.sba.gov/agency-scorecards/scorecard.html?agency=GW&year=2023

The federal government's commitment to supporting small businesses and meeting contracting goals is evident in the record-breaking numbers achieved in FY23. As we continue to see growth and success in this area, it is important for small businesses to seize the opportunities available to them. If you are a small business owner looking to take advantage of federal contracting opportunities and/or in need of assistance navigating the process, I always recommend contacting an industry expert such as ez8a or Advance 8a. Give them a call today to learn more about how they can support your business growth and success. Neither charge for an initial consultation.


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