In the federal government’s mission to supply more small businesses with funding, the U.S. Small Business Administration has exceeded its contracting goals by providing more than $132 billion to small businesses in prime contract dollars. That’s a record breaking 26.5 percent and $12 billion more than last year.
For the second time in history, the SBA was able to meet their goal of distributing 5.19 percent to women-owned businesses. In addition to meeting the goals set for small business, goals were also exceeded for disadvantaged businesses with a goal set for 5 percent, and the actual reaching 10.29 percent. The service-disabled veteran owned small business was awarded 4.39 percent, exceeding its 3 percent goal.
The achievement that earned the federal government an “A” on the 2019 Scorecard also aided in the creation of one million jobs during a time when the COVID-19 pandemic has stifled operations for several companies.
“I’m thrilled to report that the federal government exceeded its set goals and awarded a significant $132 billion to small businesses in FY19,” Jovita Carranza, the SBA Administrator said.
She continued, “The federal prime and subcontracts awarded to small businesses in FY19 equate to more than one million jobs created. Every contract that gets in the hands of a small business is a win-win for our nation, entrepreneurs and their employees, and the communities they support. This is especially important now, as our economy recovers from the pandemic-related setbacks.”
