Contracting opportunities for minority-owned and small businesses are likely to increase under the administration of President-elect Joe Biden given his campaign’s proposed $400 billion procurement effort, Government Executive reported Tuesday.
The Biden campaign’s website says the $400 billion plan seeks “to support small businesses and tackle inequities in the federal contracting system,” by expanding the Small Business Administration’s (SBA) 8(a) development program, protecting small businesses from state and federal contract bundling and directing prime contractors to come up with plans to boost subcontracting opportunities for small disadvantaged companies, among others.
The incoming administration also plans to increase the contracting goal of the federal government for small disadvantaged firms from 5 percent to 15 percent by 2025. Stephanie Johnson, director of business and professional services senior analyst at RSM, said Biden’s team intends to provide small disadvantaged businesses some attention.
“Not only just from the perspective of looking out for things like equality amongst those disadvantaged groups, but also looking to kind of help prop up the small businesses given the economic situation that we’re in,” Johnson added.