The US Small Business Administration (SBA) recently announced that the Biden-Harris Administration has exceeded its small business federal procurement goal, awarding $154.2 billion in federal contracts to small businesses.
Small businesses awarded $154.2 billion in government contracts
The amount represents an $8 billion increase over the previous fiscal year, with the share of contracts going to small businesses equaling 27.2 percent of total federal procurement funds. Along with the $72 billion in subprime hiring targets, this “historic spending” has helped support more than a million jobs in the American economy.
SBA proudly exceeds contractual goals
The SBA sets a certain number of procurement targets for each agency and then works with government buyers to ensure they prioritize small businesses.
Overall, the federal government exceeded its goal of 23% in prime contract dollars, earning an “A” grade on this year’s government-wide scorecard. Eleven of the federal agencies also earned an “A+” grade for their accomplishments in recruiting small businesses.
‘Historical records’ for small business recruitment
Administrator Isabella Casillas Guzman said of the SBA’s achievement: “The Biden-Harris Administration set historic records in small business procurement, including the highest percentage of spending for disadvantaged small businesses and the growth of our service-disabled veteran small businesses, which has advanced competition, strengthened local economies and supported job growth across the country.
“By expanding opportunities for small businesses and creating equity in federal procurement, we’ve helped ensure that federal agencies can take full advantage of the extraordinary talent and innovation offered by our nation’s entrepreneurs. Building on the major procurement reforms announced last year; SBA will continue to advance all federal procurement goals so more employers can grow their businesses with government contracts, including those brought forth by President Biden’s Jobs and Infrastructure Investments Act.
U.S. Transportation Secretary Pete Buttigieg added, “Small businesses know how to get the job done and play a key role in making the generational investment in infrastructure that is being made through the Bipartisan Infrastructure Act We know it hasn’t been easy for small businesses, especially those owned by women and people of color, to reap the benefits of past infrastructure investments, and we’re proud of the actions this Administration is taking to term to level the playing field. remove barriers to opportunity and increase access to wealth creation for small businesses across America.”
As one of the departments that received an “A+” rating, Department of Homeland Security (DHS) Alejandro N. Mayorkas said, “Last year alone, DHS forced $8 billion from small businesses in the North Americans working to support the national security mission. DHS will continue to lead small business hiring by focusing on small business outreach and engagement as we support diversity, equity and inclusion.” .
Agency scorecards reveal spending details
The agency’s dashboards showed that spending on disadvantaged small businesses reached 11 percent for the first time in history, making President Biden’s promised increase in hiring for these businesses a year ahead of schedule.
Spending on small business owned by service-disabled veterans reached 4.4%, which easily exceeded the original goal of 3%. This represents about $25 billion in purchases and a $1 billion increase in spending over the previous year.
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