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The Federal Government is Increasing Awards to Small, Disadvantaged Businesses.
EVAN VUCCI / AP
Biden Seeks to Use Procurement ‘Power’ to Close Racial Wealth Gap
The administration intends to double the share of contracts going to small, disadvantaged businesses
The administration is initiating an “all-of-government effort to expand contracting opportunities for underserved small businesses across the country.”
The main goal is to increase by 50% the share of contracts that go to small, disadvantaged businesses by 2026, which will lead to an additional $100 billion for small, disadvantaged businesses over that period, according to the White House.
“Agencies will assess every available tool to lower barriers to entry and increase opportunities for small businesses and traditionally-underserved entrepreneurs to compete for federal contracts,” said the fact-sheet. “The impact could be historic: all told, attainment of the new goal will represent the biggest increase in [small, disadvantaged businesses] contracting since data was first collected more than 30 years ago.”