In June the Biden -Harris administration announced a plan to increase the small disadvantage business (SDB) contracting goal by 50% or $100 billion over the next 5 years. If met, this goal would represent the largest increase in SDB contracting in 30 years. The Biden-Harris administration is requiring agencies to assess every available tool to lower hurdles to entry and increase opportunities for small businesses to compete for federal contracts. (PilieroMazza.com June 21, 2021)
In addition, the Biden-Harris Administration also released the particulars of Biden’s American Jobs Plan. The Plan will inject $30 billion into new Small Business Administration (SBA) initiatives, reducing small business ownership and success obstacles. The Plan will increase access to capital by creating a new direct loan program for the smallest businesses, developing new loan products, available through the new Small Business Investment Corporation, to support small manufacturers who invest in clean energy. (ibid)
The American Jobs Plan will also invest in SBA technical assistance programs that incubate and offer technical assistance to 8(a) firms. The investment should encourage Fortune 500 firms to work with more socially and economically disadvantaged businesses. The investments include a $1 billion grant program through the Minority Business Development Agency. The grant program is to assist minority-owned manufacturers access to private capital. (ibid)
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