An initiative to better serve small business was announced in the Biden-Harris Administration. It was said that increasing federal spending with underserved businesses not only helps more Americans realize their entrepreneurial dreams but also narrows persistent wealth disparities (WH.Gov, 2021). In previous years the government set goals of meeting at least 5% of federal contracting dollars for small, disadvantaged businesses on November 18th the Administration launched the President’s Management Agenda (PMA) Vision. The PMA Vision states, “By creating more opportunities for all types of businesses and underserved entrepreneurs to compete for Federal contracts, the Federal marketplace can serve as a platform to create a more equitable economy.”
December 2, 2021, Biden-Harris Administration announced a set of reforms to the federal procurement process that would assist in meeting their target for small, disadvantaged businesses. Those following actions are:
- Agencies are asked to increase their goals of federal contract dollars for small, disadvantaged business from 5% to 11%.
- Data for federal contracting spend for race/ethnicity of business owners.
- The increase of new entrants to the federal marketplace
- Adopting key management to assist with accountability and achievement of small business contracting goals.
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References:
The White House, (2021), Briefing Room, FACT SHEET: Biden-Harris Administration Announces Reforms To Increase Equity And Level The Playing Field For Underserved Small Business Owners, Statements & Releases, December 02, 2021