“Socially and Economically Disadvantaged Individuals” refers to a specific category of people identified by U.S. federal government for the purpose of promoting equal opportunity in business. This designation is particularly important in the realm of government contracting and grants, where agencies often set aside opportunities specifically for businesses owned and operated by socially and economically disadvantaged individuals.
Typically, these individuals are from certain racial or ethnic backgrounds that have historically faced barriers to economic advancement, or they have experienced economic hardship due to societal discrimination or bias. The aim of recognizing this disadvantaged status is to foster an inclusive business environment where these individuals have a fair chance to compete and succeed. Businesses owned by socially and economically disadvantaged individuals can benefit from certain federal programs aimed at promoting diversity and equality in public procurement.
