Federal grants can provide significant support to small businesses, and certain federal agencies are more successful at awarding grants to small businesses than others. The Small Business Administration (SBA) annually releases a scorecard to measure how well federal agencies meet their small business contracting goals. In fiscal 2023, 28.4% of contracts were awarded to small businesses, exceeding the overall goal of 23% and totaling $178.6 billion. This marked the third consecutive year of surpassing the goal, according to the SBA.
Contracts awarded to small businesses are vital for supporting over a million jobs across various industries such as manufacturing, construction, and technology. SBA Administrator Isabel Casillas Guzman highlighted the role of President Biden’s Investing in America agenda in providing opportunities for small businesses to access federal contracting opportunities. The SBA, along with nine other federal agencies, received an ‘A+’ grade on the scorecard for their successful contracting with small businesses.
Among the agencies that received an ‘A+’ grade are the Department of Agriculture, Department of Housing and Urban Development, and Department of Homeland Security. However, two agencies, the Environmental Protection Agency and the Department of Health and Human Services, received a ‘B,’ the lowest grade awarded on the scorecard. More information on the scorecard and federal contracting opportunities for small businesses can be found at www.sba.gov/agency-scorecards.
Small business owners should be aware that certain federal agencies may have different grant application processes than others. It is important to research each agency’s grant requirements carefully before submitting an application to ensure it meets all necessary criteria.
In addition to grants from federal agencies, there are also private organizations that offer funding opportunities for small businesses looking to grow or expand their operations. These organizations may have different eligibility requirements than those set by government entities.
Overall, whether it’s through government grants or private organizations, there are numerous funding options available for small businesses looking to succeed in today’s competitive marketplace.
The success of these efforts is evident in a report released by SBA Administrator Isabel Casillas Guzman which highlights that over 90% of federal contracts go uncompetitively awarded every year due to lack of competition from large corporations or foreign companies.
Federal grants can provide significant support to small businesses looking to expand or grow their operations. However, not all federal agencies are created equal when it comes
