For the first time ever, more than a quarter of the federal government’s prime contracting dollars went to small businesses in fiscal year 2003, Small Business Administration Administrator Hector Barreto said.
Fiscal year 2003 data indicates that small businesses did $62.7 billion of business with the federal government as prime contractors – representing 25.37 percent of all government prime contracting dollars and an increase of $9.7 billion over fiscal year 2002.
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“The statutory goal for small business contracting is 23 percent. Not only did we exceed those standards, but we set an all-time record, awarding a higher percentage of federal contracting dollars to America’s small businesses than ever before,” Barreto said.
Every category of small businesses tracked by SBA showed gains in federal contracts in 2003. Small disadvantaged businesses were awarded $2.3 billion more in federal contracts, receiving $18.2 billion. Participants in the 8(a) Business Development Program received $3.97 billion more than in FY2002, totaling $9.6 billion in FY2003.
