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$178 Billion Awarded in Federal Procurement Opportunities to Small Businesses

April 30, 2024

The Biden-Harris Administration exceeded its fiscal year 2023 small business contracting goal of 23%, awarding an all-time high 28.4% of federal contract dollars to small businesses, according to Isabel Casillas Guzman, U.S. Small Business Administration (SBA) administrator, at a roundtable discussion hosted by the White House to mark National Small Business Week (April 28—May 4).

The US$178.6 billion investment in the small business economy marks an increase of $15.7 billion from the previous fiscal year, and supports more than one million jobs in manufacturing, construction, research and development, technology, defense, and other industries.

“The Biden-Harris Administration is proud of the federal government’s record-high of $178.6 billion in contract spending with small businesses, including veteran-owned and small disadvantaged businesses, while also continuing to make significant strides in contracts to Historically Underutilized Business Zone (HUBZones) and women-owned businesses,” Guzman said. 

The SBA sets contracting goals for each agency and collaborates closely with government buyers to emphasize the prioritization of small businesses in the procurement process. Highlights of the overall performance of the federal government include: 

  • For the third consecutive year, Small Disadvantaged Business (SDB) spending exceeded its enhanced annual goal, set at 12% in fiscal year 2023, with the federal government awarding a record-breaking $76.2 billion to SDBs. The achievement is working toward a SDB contracting goal of 15% by fiscal year 2025.
  • Service-disabled veteran-owned small business (SDVOSB) spending has exceeded its 3% goal, reaching 5%. This achievement translates to $31.9 billion in procurement, amounting to a $3.8 billion spending increase compared to the previous year.  
  • HUBZone small businesses were awarded $17.5 billion in federal contract awards, observing the highest amount ever awarded in this category in the program’s history. 
  • Women-owned Small Businesses (WOSB) received $30.9 billion in federal contracting dollars in fiscal 2023, up from $28.1 billion in fiscal 2022 and accounting for nearly 5% of the fiscal year 2023 total eligible dollars. This resulted in the highest dollar amount ever awarded to WOSBs.
  • The federal government achieved its small business subcontracting goals, awarding 33.34%, or $86.4 billion, to small business subcontractors.
  • The federal government increased its contract spending with all demographic groups included in SBA’s disaggregated contracting data

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