Record breaking federal procurement from small US business
The US Small Business Association is reporting the Biden-Harris Administration has exceeded their small business contracting goal of 23% in the 2022 financial year, awarding a record high 26.5% of federal contract dollars to small businesses.
This is an $8.7bn increase on the previous fiscal year, with a total of $162.9bn in investment in the small business economy.
“Through President Biden’s Investing in America agenda, we have championed initiatives to fuel our nation’s historic economic growth while reducing barriers and ensuring fair competition in federal contracting,” said SBA Administrator Isabella Casillas Guzman . “The Biden Administration continues to raise the bar, reaching a record high level of contract spending with small businesses, supporting over one million good-paying jobs in manufacturing, construction, research & development, and other vital industries.”
There have been other areas of progress including more spending with small disadvantaged businesses, service-disabled veteran owned small businesses, historically underutilised business zone small businesses, and women-owned small businesses.
In a statement from President Biden, he said he continues to be determined to build the economy from the middle out and the bottom up, and not the top down.
“Small businesses are the engines of our economy and the heart and soul of our communities, and investing in our small business entrepreneurs means investing in competition and job creation,” he said.
How are SBA expanding access to federal contracting?
The Small Business Administration has made it a top priority to expand access to federal contracts to more businesses in the USA.
They have made a series of strategic changes to help small businesses, and those in under-served communities to take advantage of opportunities created by the Biden legislation.
They provide advice to companies about how they can increase their chances of winning government contracts by researching the federal marketplace and taking advantage of SBA resources.
The SBA also gives guidance on how small businesses can assess their business to see if they have the right credentials and capacity to win government contracts. They provide tools to see if the products are in demand from federal contracts and if they are competitively priced.
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