Record-Breaking $178 Billion in Federal Procurement Opportunities Awarded to Small Businesses

May 7, 2024

Small Business Administration

At a roundtable discussion hosted by the White House this week, Administrator Isabel Casillas Guzman announced the SBA’s Fiscal Year 2023 federal procurement “Scorecard” results, which measure how well federal agencies meet their small business contracting goals each year.

The Biden-Harris Administration exceeded its FY23 small business contracting goal of 23%, awarding an all-time high 28.4% of federal contract dollars to small businesses. This historic level amounts to a $178.6 billion investment in the small business economy – an increase of $15.7 billion from the previous fiscal year – and supports more than one million good-paying jobs in manufacturing, construction, research & development, technology, defense, and other vital industries.

The SBA plays a crucial role in setting contracting goals for each agency and collaborates closely with government buyers to emphasize the prioritization of small businesses in the procurement process. Individual agency scorecards with a detailed explanation of the methodology are available at

Highlights of the overall performance of the federal government include: 

  • For the third consecutive year, Small Disadvantaged Business (SDB) spending exceeded its enhanced annual goal, set at 12% in FY23, with the federal government awarding a record-breaking $76.2 billion to SDBs. The noteworthy achievement reflects President Biden’s unwavering commitment to meeting his ambitious SDB contracting goal of 15% by FY25.
  • Service-disabled veteran-owned small business (SDVOSB) spending has exceeded its 3% goal, reaching 5%. This achievement translates to $31.9 billion in procurement, reflecting a $3.8 billion spending increase compared to the previous year.  
  • Historically Underutilized Business Zone (HUBZone) small businesses were awarded a record-breaking $17.5 billion in federal contract awards, marking the highest amount ever awarded in this category in the program’s history. 
  • Women-owned Small Businesses (WOSB) received $30.9 billion in federal contracting dollars in FY23, up from $28.1 billion in FY22 and accounting for nearly 5% of the FY23 total eligible dollars. This marks the highest dollar amount ever awarded to WOSBs.
  • The federal government achieved its small business subcontracting goals, awarding 33.34%, or $86.4 billion, to small business subcontractors.
  • The federal government increased its contract spending with all demographic groups included in SBA’s disaggregated contracting data, which is available here

Read more.


As you navigate our website, you can use the “Add Item to Report” button to add any page or property to a custom report that you can print out or save.