Federal Government Small Business Administration – The US government has broken records by providing $145.7 billion to small businesses. USD On Wednesday, the Small Business Administration announced that the federal government had exceeded its goal by providing 26.01 percent. Contract dollars for small businesses.
The $145.7 billion figure is higher than the previous fiscal year’s total of $13 billion. However, it’s worth noting that these numbers reflect fiscal year 2020, before President Joe Biden took office.
Federal Government Small Business Administration
“Despite a very challenging year for small businesses, the SBA is proud to report that our nation’s entrepreneurs used their trademark ingenuity, diligence and determination to close a record $145.7 billion Is.” USD – With the federal government. Biden’s SBA administrator Isabel Guzman said in a press release. “Thanks to the support of many dedicated government professionals, the federal government exceeded its small business contracting target for FY20, raising $13 billion. USD compared to the previous fiscal year.
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By awarding $145 billion in major contracts and $82.8 billion in subcontracts to small businesses, the federal government added “nearly one million jobs to the American economy,” the press release said.
The government’s goal was to meet the 23 percent cap on contract dollars for small businesses, up from 3.01 percent.
The press release said President Biden “announced a goal to increase the share of contracts awarded to small, disadvantaged businesses by 50 percent over five years,” as we previously reported. Such an increase would amount to 100 billion.
Subscribe to our weekly newsletter for the latest news. Updates and great deals, delivered straight to your inbox. This is the fifth post in a series highlighting various aspects of strategic planning in the federal government. Today, we’ll be catching up with the US Small Business Administration to learn how they’re using their strategic planning initiatives to achieve government goals, including partnering with and growing disadvantaged small businesses.
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When Douglas Kraft retired from the military, he landed in New Mexico and started his own business: Crystal Clear Manufacturing, a company specializing in janitorial services, operations and maintenance, and landscaping.
Thanks to support from the US Small Business Administration (SBA), the net worth of Croft’s company grew from $80,000 to more than $25 million. USD – more than thirty times.
The SBA serves the business community by helping small business owners access advice, mentorship and training, capital and government contracting assistance. The craft found support in all these areas. The SBA helped him qualify for veterans benefits and enrolled him in an 8(a) program for socially and economically disadvantaged businesses. This opened the door for the growth of crystal clear manufacturing.
As a service-disabled veteran, Craft was also eligible for the 3% federal contracting opportunities mandated by law for service-disabled veteran-owned businesses. Kraft’s first federal contract was for $1.2 million. USD contract for cleaning a federal building in Colorado. This was just the beginning for Kraft, and with the continued support of the SBA, it won numerous federal contracts across the country.
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Historically, about 10% of all eligible contract dollars from federal agencies typically go to small, disadvantaged businesses. A Small Disadvantaged Business (SDB) is defined as a business in which at least 51% of the shares are owned by one or more persons who are socially and economically disadvantaged; For example, businesses owned by blacks and Latinos are classified as SDBs.
President Biden’s Executive Order 13985 directed agencies to work to make contracting opportunities more accessible to all eligible businesses and remove barriers faced by ineligible individuals and communities. In June of 2021, President Biden reaffirmed his commitment by announcing a bold new goal for 2025. Increase the share of contracts transferred to SDBs to 15%.
SBA is committed to achieving this goal. In his new strategic plan, he established an Agency Priority Goal (APG) focused on growing disadvantaged small businesses through federal procurement. This APG commits the SBA through 2023. september. Increase the number of federal contract contracts in SDB to 12 percent.
The story of Douglas Craft is just one example of how the SBA supports small businesses. The SBA actively works with and for the federal government to create many opportunities for small businesses like Crystal Clear Manufacturing.
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While a 12% increase in the SBA’s APG doesn’t sound like much on paper, it represents billions of dollars in investment for small, disadvantaged businesses. Such development and investment will have a positive impact on our economy by promoting diversity, equity, inclusion and access; closing the wealth gap in the United States; And help more Americans like Kraft make their entrepreneurial dreams come true.
SBA works diligently to ensure that they can implement this APG and best support small disadvantaged businesses by providing technical assistance and business development services to businesses to better compete for federal contract awards.
Stay with us as we explore the strategy and its importance to the federal government and share the agency’s success stories. SBA Offers Government Contracts and Certification Programs The Small Business Administration (SBA) sent this bulletin on 03/03/2022 01:51 PM EST
The SBA can help you open more doors to federal contracts through federal certification programs. The federal government works to ensure that small businesses receive at least 23 percent of all federal contract dollars. In addition, a certain percentage of all federal major contract dollars are awarded to small businesses that meet certain socioeconomic criteria. The federal government has special programs in place to help women- and minority-owned businesses compete in the federal market.
Federal Contracting 101 Webinar
US Small Business Administration Eastern Pennsylvania District Office Our Local Procurement Technical Assistance Center and the Mid-Atlantic Region Small Business Transportation Resource Center (SBTRC), along with the US Department of Transportation (DOT) Office of Small and Disadvantaged Business Utilization (OSDBU). ), presents five virtual training programs for businesses and entrepreneurs looking to begin or expand their federal government contracting skill set. In each webinar you will learn:
Surety bonds help small businesses win contracts by guaranteeing the customer that the work will be done. The SBA guarantees surety bonds for certain surety companies, allowing the companies to offer surety bonds to small businesses that may not meet other surety criteria. The SBA offers surety bonds that cover several major job categories including bid bonds, performance bonds, payment bonds, and more.
Learn about the importance of a practical capability description framework small businesses can use to find more effective procurement opportunities through beta.sam.go. Gain knowledge about what information is needed in a statement of capabilities.
Being certified as a Women Business Enterprise (WBE) and Woman-Owned Small Business (WOSB) is more than just being able to put a colorful “women-owned” logo on your business card! It’s about opening doors to thousands of other women entrepreneurs and hundreds of corporate and government partners who want to work with women-owned businesses. Determine whether WBE or WOSB (or both) is right for you.
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The HUBZone program promotes small business growth in historically under-utilized business areas by providing 3% or more of federal contract dollars to HUBZone-certified businesses each year. By joining the HUBZone federal contracting program, a company can compete for a federal contract for the program.
Federal government contracting can provide businesses with many benefits and can be a catalyst for small business growth. Federal government contracts can range in value from a few thousand dollars to billions of dollars, and the contractors bidding on them vary from small businesses to large corporations. Although bidding on federal government contracts can be a complicated process, many federal government agencies’ contracts are targeted at small, women-owned and minority-owned businesses. Make sure you accurately determine your organization’s small business status for federal government contracting. NOTICE: The SBA is increasing the period for counting small business annual receipts for standard amounts from 3 years to 5 years. As of January 6, 2020, the SBA increases the period from 3 years to 5 years to count small business annual receipts based on size standards. The average of the revenue of the last five completed financial years of the company will be taken to determine the average annual revenue.
Read more: Small Business Size Standard: Calculation of Annual Average Income Small Business Administration Rule 2019-12-05 Agency:
US The Small Business Administration (SBA, or agency) is changing its method of calculating median annual income used to set small business size standards. Specifically, as of 2018 under the Small Business Runway Expansion Act, the SBA changes its rules for calculating median annual income for all SBA income-based size standards and income-based size standards offered by other agencies. 3 year average to 5 year average, not using SBA business loans and emergency loans. The SBA intends to solicit comments on the business loan and disaster loan programs in its proposed rulemaking separately. For all other programs, the SBA is subject to a transition period through 2022. January 6, during which companies can choose to use either the 3-year average or the 5-year average.
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Public Law 115-324 (Small Business Runway Expansion Act of 2018)
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