During the 2015 fiscal year, the federal government achieved a historical milestone by awarding the highest percentage of contracting dollars to small businesses – supporting more than half a million jobs in neighborhoods like yours. Small business contracts injected $90.7 billion into the economy, and 17.8 billion of those dollars were awarded to women-owned small firms.
Just in time for Women’s History Month, and for the first time ever, the federal government met its five-percent statutory goal for contracts awarded to women-owned small businesses. Meeting this goal now means five percent is our floor going forward – not the ceiling. According to a recent Census Bureau report, women’s business ownership rates are up 27 percent over five years. Women now employ eight million American workers and their businesses generate nearly $1.4 trillion in receipts.
Arria Hines, president and chief executive officer of Allegheny Science and Technology (AST) in West Virginia, earned federal contracts thanks to her hard work and support from SBA programs. AST is an 8(a) SBA certified, small disadvantaged, woman-owned management and technology solutions company offering solutions to federal and commercial clients in areas such as project management, financial analysis, software and systems engineering, as well as training and simulation and specialized scientific, engineering and technical support. We look forward to more success stories like this through SBA’s ChallengeHER and InnovateHER initiatives.
The federal government also set a new high by awarding more than 10 percent of contracting dollars to small, disadvantaged businesses – more than doubling the five percent goal set by Congress. This includes our growing number of minority-owned firms. Finally, Uncle Sam also broke the record for contract awards to businesses owned by service-disabled veterans, totaling nearly four percent of the government’s contract expenditures – 33 percent above the goal set by Congress. Our veterans served heroically, and now they’re serving to grow our economy here at home.
Since 2008, the federal government has awarded more than $640 billion in federal contracts to small employers and supported four million American jobs.
Small businesses are nimble and ground-breaking partners for the federal government. Through small business contracting, the federal government spurs small business growth and innovation while supporting the economic security of the nation. To keep America strong, we must keep our local economies strong, and the single greatest role we can play to support small employers is to give them more business.
About the Author
Natalia Olson-Urtecho is the Mid-Atlantic Regional Administrator for the U.S. Small Business Administration. She oversees the delivery and management of the SBA’s services to small business owners and entrepreneurs throughout Pennsylvania, Delaware, Maryland, Virginia, West Virginia and Washington D.C.
