80 PROFESSIONAL WOMANS MULTICULTURAL MAGAZINE WWW.PROFESSIONALWOMANMAG.COM
S A V E T H E D A T E
ead of the U.S. Small Business Administration, Isabella Casillas Guzman, announced the Biden-Harris Administrations budget for the coun- trys small business federal contracting goal. The administration has decided to award $154.2 billion in federal contract dollars to small businesses, an $8 billion increase from the previous fiscal year. The share of contracts going to small businesses equates to 27.2 percent of total federal contracting funds. Combined with $72 billion in subprime contracting goals, this historic spend has supported over one million jobs in the American economy. The Biden-Harris Administration set historic records in small business contracting, including the highest percentage spend to small disadvantaged businesses and growth for our service-disabled vet- eran small businesses, which has advanced compe- tition, strengthened local economies and supported job growth across the nation, said Administrator Guzman. Details for small business spending were also released to accompany the news: ! Small Disadvantaged Business (SDB) spending reached 11 percent for the first time in history. This achieves the Presidents committed increase to SDB contracting one year ahead of schedule. ! Women-owned Small Businesses (WOSB) received more than $26 billion for the third straight year, translating to 4.6 percent of the FY21 total eligible dollars. The SBA is actively working with contracting agencies to make future progress toward achieving the WOSB goal. ! Service-disabled veteran-owned small business spending reached 4.4 percent out of a three percent goal, which represents $25 billion in procurement and an important $1 billion spending increase over the prior year. ! Historically Underutilized Business Zone (HUBZone) small businesses received a historic $14.3 billion in federal contract awards; although the federal government has never met the 3-percent statutory goal, it reached the highest amount awarded to HUBZone businesses in the programs history. ! The federal government achieved its small business subcontracting goals, awarding 30.9 percent, or $72 billion, to small-business subcontractors. WOSB subcontractors received 5.2 percent of subcontracts, or $12.2 billion, exceeding the 5 percent WOSB subcontracting goal.
Source: Small Business Administration
Record-Breaking Billions Set Aside for Small Business ContractingPrevious Page