A government contract is a major boon for small businesses. It is guaranteed income from a buyer that is willing to pay for at least a set amount of time. It is reliable. It is a safety net. It is awesome to have. Recently released numbers show that the government met its goal for contracting with small businesses for the first time in 8 years in 2013.
What Was the Goal?
Last year, the goal for small business contracts was 23%. The actual number awarded was 23.9%, meaning not only was the goal met, but exceeded. This wasn’t the only goal met either. The SBA measures contracting goals for five categories of small of small business. These categories are Small Business, Small Disadvantaged Business, Woman Owned Small Business, Hub Zone Small Business, and Service Disabled Veteran Owned Small Business. In 2013, the goals for Small Disadvantaged Business contracts and Service Disabled Veteran contracts were also met.
Why Does it Matter?
This is great news not only for small businesses, but for the government as well. According to SBA Administrator Maria Contreras-Sweet, “When we hit our small business procurement target, it’s a win. Small businesses get the revenue they need to grow and create jobs, and the federal government gets the chance to work with some of the most responsive, innovative and nimble companies in the U.S. while the economy grows.”
If you are a small business that has landed or is trying to land a government contract, you may need to expand. Biz2Credit can help. Our network of over 1,300 lenders offers a variety of financing options including expansion loans and small business lines of credit that can help you meet your government obligations and enjoy the benefits that come with such contracts. Visit Biz2Credit for more information.