Adding $11 Billion in New O! pportunities for American Small Businesses Creates American Jobs
Washington, DC – At the start of National Small Business Week, U.S. Senator Ben Cardin (D-MD), a member of the Senate Small Business and Entrepreneurship Committee, has introduced new bill that would that would help more small businesses compete for federal contracts by raising the government-wide small business prime goal from 23 percent to 25 percent. Government-wide subcontracting goals would be increased from 35.9 percent to 40 percent. “Across the United States, small businesses are responsible for creating two out of every three new jobs. These 27 million American small businesses nationwide provide the services and products that Americans need every day. With millions of small businesses out ther! e in every conceivable industry, it makes sense to ensure that we are using and employing their proven expertise in making the federal government more efficient,” said Senator Cardin. “Maryland has over 500,000 small businesses that employ more than a million people. Continuing to invest in these small businesses is the smart thing to do for our state and for our nation.” In FY10, the most recent data available, total Federal contracting spending was $538.4 billion. During that same year, the Federal government achieved 22.7% or $97.947 billion in small business prime contracting and 35.4% in small business subcontracting. Increasing the contracting goal by just 2% would add approximately $11 billion in new opportunities for small business contractors. Original small business contracting goals were first established ! in the Small Business Act in 1953. The prime percentages! were la st increased from 19% to 23% in 1997.