Biden raises SDB procurement goal to 12%; adds loans, grants

      President Biden on Oct. 4 announced several measures to advance racial equity for small business opportunities.

      The changes include setting a 12% goal for federal procurement from Small Disadvantaged Businesses (SDBs) in fiscal 2023, which began on Oct. 1.

      Biden in December 2021 raised the SDB goal to 11%, up from 5%. The administration reached the 11% goal in fiscal 2021, a year earlier than anticipated.

      The SDB goal will be increased year by year to reach 15% by fiscal 2025.

      Other announcements benefiting underserved small businesses included:

• New Lenders - The SBA is preparing to propose a rule to allow more Small Business Lending Companies to apply to offer SBA-backed 7(a) small business loans.
• Technical Assistance - Using American Rescue Plan law funding, the Minority Business Development Agency will be distributing $100 million in grants to provide technical assistance to underserved small businesses.
• Emergency Capital Investment Program (ECIP) - The Treasury Dept. has funded over $8.28 billion in 162 community financial institutions across the country through ECIP.
• CDFI grants - Treasury is providing $11.4 million for alternatives to high-cost small dollar loans. Also, $27.6 million was awarded to CDFI’s for capacity-building and $355 million for bond guarantees.
• Economic Opportunity Coalition (EOC) - The new EOC with 20 corporations and foundations has committed to over $1 billion to date for education, entrepreneurship and other goals.

More Information:
Biden news release: https://bit.ly/3rWl1iu
Harris news release: https://bit.ly/3S7p7it

Biden raises SDB procurement goal to 12%; adds loans, grants

Bona fide place of business delayed

GovCon minimum wage rises to $16.20 on Jan. 1

Four rules in effect on Oct. 28

Beneficial owner reporting rule

“Buy Clean” RFI released

Senate small biz bills facing expiration; Pt. II

Service Contract Act Reporting deadline

Suspension warning: GSA

Column: It’s the New Year! What’s Your Plan?

Washington Insider:

Coronavirus Update

Correction: Congress’ Schedule