The Small Business Administration Revamps Program To Help Black Entrepreneurs Get Federal Contracts.
A recent report from the Department of Labor revealed that just 12% of the 23% of businesses registered to receive federal are owned by Black people.
This disparity has been addressed by the Biden-Harris Administration, and they’ve vowed to help close the chasm with Empower to Grow (E2G), a newly revamped training program from the Small Business Administration that aims to improve scaling readiness and insight into federal contracting processes for smaller, minority owned businesses.
Last month, the White House stated they plan to expand access for minority-owned small businesses to the over $700 billion spent through federal contracts each year.
“Small business growth unlocks paths to prosperity and generational wealth building in America, which is why the Biden-Harris Administration continues to prioritize equity and leveling the playing field so small business owners from historically underrepresented groups can successfully compete for over $700 billion in small business-eligible federal contracts,” said Administrator Guzman in a press release. “We’ve revitalized the 7(j) training program to launch an improved ‘Empower to Grow’ acceleration program with tools to help ready more businesses and build a diversified supplier base, which will also increase competition, innovation, and performance in the federal marketplace. We know there is more work to be done to reverse the disparities in federal procurement for America’s minority-owned businesses, and the SBA’s Empower to Grow training program will be a critical resource supporting that work.”
The program’s enhancements include a customized 1:1 training tailored to develop the critical skillset needed to win government contracts, the launch of the enhanced Federal Market Acceleration Program (FedMAP), a three-month training program in government contracting led by government business development experts, and the advent of a federal contractor master class providing new tools and techniques.
BY JASMINE BROWLEY ·
