After posting banner numbers, the U.S. Small Business Administration (SBA) hopes an upgraded government contract training program and other efforts will provide billions of more federal contracting dollars to Black businesses yearly.
The increase could come as the federal agency revitalized its SBA 7(j) Training Program. Rebranded as Empower to Grow (E2G), the initiative is intended to improve small, disadvantaged businesses readiness for federal contracting, according to an SBA press release.
SBA 7(j) Training Program. Rebranded as Empower to Grow (E2G), the initiative is intended to improve the readiness of small, disadvantaged businesses readiness for federal contracting, according to an SBA press release.
The Biden-Harris administration too announced actions to expand small business access to federal contracts. It has been reported that the federal government is the largest purchaser of goods and services worldwide, making those agreements an influential tool to help build wealth in underserved communities. The White House mentions the E2G program when talking about steps being taken to support small businesses.
An SBA spokesperson says there are existing disparities that the agency is addressing. The disparities include barriers for entry for Black businesses to secure government contracts. That hurdle is especially difficult for those firms because criteria like past performance can be a decisive factor in them gaining access to contracts. As such, the SBA says it is adding resources to help more disadvantaged business owners, including Black firms, conquer those barriers.
The SBA reported program improvements to E2G being made include customizable one-on-one coaching to ensure the SBA is meeting Black business owners where they are with the resources they need to start or grow their contracting revenue. The revamped program is more personalized, and the offerings have expanded for Black-owned firms, making the coaching more geared to their needs.
Check out comments from business leaders on the rebranded small business program and more details about it here.
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Source: Black Enterprise