Biden aims to raise federal buys from SDBs by $100B over 5 yrs

Goal is to raise small disadvantaged awards by 50%

      President Joe Biden announced a goal of increasing federal procurements from small disadvantaged businesses by 50%, resulting in an additional $100 billion in such procurements over five years.

      Small disadvantaged businesses (SDBs)--most of which are owned by minorities--received $51.6 billion in federal contract awards in fiscal 2019, the latest data available from the Small Business Administration. That was 9.65% of all federal awards. Biden previously has said he intends to raise the SDB federal procurement goal to 15%.

      Speaking in Tulsa, OK, at the 100-year anniversary of a mob attack that killed hundreds of black residents, Biden outlined initiatives to reduce the wealth gap between racial groups.

      These would include actions to address racial discrimination in housing, along with affordable housing, infrastructure and community revitalization grants and loans.

More information:
White House Fact Sheet: https://bit.ly/3fIU0JW

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