Small Business Contracting refers to the process in which the federal government obtains goods and services from small businesses. This is a vital aspect of government procurement as it ensures that small businesses get a fair opportunity to participate in the competitive federal marketplace. U.S. government annually aims to award at least 23% of all federal contracting dollars to small businesses as part of their contracting goals, promoting economic growth and innovation.
The small business contracting process involves several steps, including identifying business opportunities, applying for contracts, and meeting specific criteria set by Small Business Administration. This process also involves understanding several regulations and laws such as Small Business Act, which shapes the government’s approach to small business contracting. Through such contracts, small businesses can engage in lucrative opportunities, boost their revenues, and significantly contribute to the U.S. economy.
