The Small Business Administration is out with its annual Small Business Federal Procurement Scorecard, which finds that a record-breaking $154.2 billion was contracted nationally to small businesses, with New Jersey firms awarded $2.95 billion.
The scorecard also revealed that the Biden-Harris Administration exceeded its small business federal contracting goal, awarding 27.2% of total federal contracting funds to small businesses—an $8 billion increase from the previous fiscal year.
According to the SBA, when combined with $72 billion in subprime contracting goals, the effort has supported more than 1 million jobs.
“The Biden-Harris Administration set historic records in small business contracting, including the highest percentage spend to Small Disadvantaged Businesses and growth for our Service-disabled Veteran Small Businesses, which has advanced competition, strengthened local economies, and supported job growth across the nation,” said SBA Administrator Isbella Casillas Guzman. “By expanding small business opportunities and building equity in federal procurement, we have helped to ensure that federal agencies can fully leverage the extraordinary talent and innovation delivered by our nation’s entrepreneurs.”
The scorecard also showed that the federal government exceeded its goal of 23% in prime contract dollars, earning an “A” on the government-wide scorecard while 11 federal agencies earned an “A+” and another 10 agencies received an “A” for their agencies’ achievements in small business contracting.
“Small businesses know how to get the job done, and they know they have a key role to play in delivering the generational infrastructure investment underway through the Bipartisan Infrastructure Law,” said U.S. Transportation Secretary Pete Buttigieg.
“Small businesses play a vital role in the American economy, and they are essential to the mission of the Department of Defense (DoD), enabling us to develop, deliver and sustain critical capabilities to our Warfighter,” said DoD Undersecretary William LePlante.
Here in New Jersey, approximately 1,495 of 1,902 eligible small firms were awarded more than $2.95 billion in federal contracts.
SBA New Jersey District Director John Blackstock also noted that this number includes more than $894.1 million to 400 small, disadvantaged businesses; $695.7 million to 400 women-owned small businesses; and more than $179.9 million to service-disabled veteran owned businesses.
Other highlights of the national scorecard include:
“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 actions this administration is taking to level the playing field, remove barriers to opportunities, and increase access to wealth creation for small businesses across America,” Buttigieg added.
“Building on the major procurement reforms announced last year; the SBA will continue to further progress in all federal procurement goals so more entrepreneurs can grow their businesses with government contracts, including those presented by President Biden’s Infrastructure Investment and Jobs Act,” said Guzman.