$163 billion in federal procurement opportunities to small businesses is a new record.
This week, U.S. Small Business Administration (SBA) Administrator Isabella Guzman announced that the federal government exceeded its small-business contracting goal of 23 percent in FY 2022.
A notable 26.5 percent of federal contract dollars went to small businesses, amounting to an estimated $162.9 billion investment in the small-business economy and representing an $8.7 billion increase from FY 2021.
Officials from the Biden Administration estimate this new record in federal contract awards for small businesses supported over 1 million jobs in manufacturing, construction, and research and development.
Breaking down the 26.5 percent, 4.6 percent of federal contracts awarded went to service-disabled Veteran-owned small businesses, and small businesses in historically underutilized business zones received $16.3 billion in federal contract awards – the highest amount ever awarded in this category.
Additionally, women-owned small businesses received more than $26 billion in federal contracts, accounting for 4.6 percent of the FY 2022 total eligible dollars. Unfortunately, this category fell short of the SBA’s five percent target. It is also worth noting that $79.1 billion went to small businesses for subcontracting over the last year.
NSBA supports SBA’s efforts to expand federal contracting awards for small businesses nationwide.
Read the entire SBA report here.