The SBA said is increasing the max amount through its Community Advantage Small Business Lending program from $350,000 to $500,000. Image: Mark Van Scyoc/Shutterstock.com
By: FEDweek StaffThe White House has announced steps to boost small businesses’ ability to compete for prime contract and subcontract opportunities.
“OMB is releasing procurement guidance on both upcoming contracts and subcontracting opportunities to better enable federal agencies to support small business trying to compete for the over $700 billion in federal contracts . . . This guidance describes promising policies and strategies adopted by forward-thinking agencies, and encourages federal procurement officials to recognize prime contractors who meet or exceed their subcontracting plan goals and work to strengthen their small business supply chains,” says a fact sheet.
It said OMB also is issuing guidance to improve the annual forecasts agencies issue of upcoming federal contract opportunities for businesses, saying that “variance in the quality and timeliness has made it difficult for small businesses to prepare their proposals and more effectively compete against larger businesses. Today’s memo will help align timelines and expectations, better enabling small business to understand when new opportunities will become available and plan ahead to compete for federal awards.”
It said the SBA meanwhile is increasing the maximum amount backed by its Community Advantage Small Business Lending Companies loan program from $350,000 to $500,000.
The announcement said that small businesses received some $179 billion, or 28 percent, of eligible federal contract spending in fiscal 2023, of which $76 billion, or 12 percent, went to small disadvantaged businesses.
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