Biden-Harris Administration Announces New Actions to Expand Small Business Access to Federal Contracts
Today, the Biden-Harris Administration announced its latest actions to expand access for small businesses to the over $700 billion spent through federal contracts each year, particularly for those owned by individuals from underrepresented communities. The federal government is the largest purchaser of goods and services in the world, making federal contracts a powerful tool to build wealth in underserved communities and ensure that the federal government is leveraging talent from all corners of the country. These new initiatives will advance the President’s Investing in America agenda and bold goal of increasing the share of federal contracting dollars going to small businesses owned and controlled by socially and economically disadvantaged individuals (SDBs) to 15% by Fiscal Year (FY) 2025, a 50% increase from spending levels when he first took office.