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Source : SBA's Office of Advocacy
July 28, 2021
Author : Patty Rodriguez
The $145.7 billion figures surpasses the previous fiscal year’s total by a whopping $13 billion. It is however worth noting that these figures account for Fiscal Year 2020, before President Joe Biden came into office.
“Despite the fact that it’s been an extremely challenging year for small businesses, the SBA is proud to announce that our nation’s entrepreneurs used their trademark ingenuity, grit, and determination to do a record amount of contracts — $145.7 billion — with the federal government,” said Biden’s SBA Administrator Isabel Guzman in a press release. “Thanks to the support of countless dedicated government professionals, the federal government exceeded its small business contracting goal for FY20 with a $13 billion increase from the previous fiscal year.”
The press release notes that in awarding $145 billion in prime contracts and $82.8 billion in subcontracts to small businesses, the federal government added “almost a million jobs to the American economy.”
The government's goal was to reach a threshold of 23 percent of contracting dollars going to small businesses, which it exceeded by 3.01 percent.
The press release notes that President Biden “announced a goal of increasing the share of contracts awarded to small, disadvantaged businesses by 50 percent over five years,” as we have previously reported. Such an increase would amount to a $100 billion injection in the form of contracting dollars going to small businesses.