The Biden-Harris administration sets a record goal of awarding $154.2 in federal contracting dollars to American small businesses.
The White House sets this monumental record by increasing the awards by $8 billion from the last fiscal year.
Administrator Isabella Casillas Guzmán, head of the Small Business Administration (SBA), says this incredible achievement is huge for the growth of small businesses across the country.
"The Biden-Harris administration set historic records in small business hiring, including the highest percentage spending on disadvantaged small businesses and the growth of our service-disabled veterans' small businesses, which has advanced the competition, strengthened local economies and supported job growth across the country, " said Administrator Guzman. "By expanding opportunities for small businesses and creating fairness in federal procurement, we have helped ensure that federal agencies can take full advantage of the extraordinary talent and innovation provided by our nation's entrepreneurs. Building on major procurement reforms announced last year, SBA will continue further progress on all federal procurement goals so more entrepreneurs can grow their businesses with government contracts, including those introduced by the Infrastructure Investment Act and Jobs from President Biden.”
Shares of these contracts benefiting small businesses add up to 27.2 percent in total federal contracting funds, combined with more than $70 billion in subprime contracting targets.
U.S. Transportation Pete Buttigieg spoke on the subject recently, emphasizing the important role of small businesses in our nation's economy.
"Small businesses know how to get the job done and have a key role to play in the delivery of ongoing generational infrastructure investment through the Bipartisan Infrastructure Act," said US Transportation Secretary Pete Buttigieg. "We know it hasn't been easy for small businesses, particularly those owned by women and people of color, to reap the benefits of past infrastructure investments, and we're proud of the steps this administration is taking to level the playing field. remove barriers to opportunity and increase access to wealth creation for small businesses across America."
