The Biden-Harris Administration has achieved a remarkable milestone, awarding over $178.6 billion in federal procurement opportunities to small businesses in FY2023. This historic figure represents 28.4% of federal contract dollars, far surpassing the administration's goal of 23%. This increase of $15.7 billion from the previous year supports over one million jobs across crucial sectors like manufacturing, construction, R&D, technology, and defense.
As an expert in the business, I believe this announcement underscores the administration’s strong commitment to fostering a competitive and inclusive economy. The focus on minority-owned businesses and the push for equity while expanding opportunities for all small business owners is commendable. This approach not only fuels economic growth but also ensures that a diverse range of small businesses can thrive.
Highlights and Insights:
Top Performing Agencies: Ten federal agencies, including the SBA, GSA, and the Department of Homeland Security, received A+ grades in the SBA’s annual scorecard for small business contracting. The GSA’s consistent A+ rating over the years highlights its dedication and efficiency in supporting small businesses.
Impact on Minority-Owned Businesses:
Increased federal contracting dollars have significantly benefited minority-owned businesses across all demographic categories, showcasing the administration’s commitment to equity.
Significant Achievements:
- Small Disadvantaged Business (SDB) spending reached a record-breaking $76.2 billion, exceeding the 12% goal.
- Service-disabled veteran-owned small businesses saw procurement spending rise to 5%, totaling $31.9 billion.
- HUBZone small businesses were awarded $17.5 billion, the highest in program history.
- Women-owned small businesses received $30.9 billion, a substantial increase from the previous year.
Price Reporter and GSA Partnership:
At Price Reporter, we are proud to work closely with the GSA, one of the top-performing agencies consistently earning A+ ratings for its work with small businesses. Many of our clients have been direct beneficiaries of the $178+ billion in federal opportunities, reflecting our commitment to helping small businesses succeed in the federal marketplace.
This announcement reaffirms the importance of strategic partnerships and expert guidance in navigating federal procurement opportunities. We look forward to continuing our collaboration with the GSA and supporting the growth and success of small businesses nationwide.
