New Jersey small businesses received $2.1 billion in federal contracts during fiscal 2018, according to the Small Business Administration, part of $120.8 billion awarded nationwide.
The state also reached the mandatory goal of 23% of contracting dollars going to small businesses, according to SBA New Jersey District Director Al Titone.
The $120 billion in nationwide contracts represented a record for the federal government, SBA Regional Administrator Steve Bulger said. Bulger, who oversees programs in New Jersey, New York, Puerto Rico and the U.S. Virgin Islands, noted that the government earned an “A” on the annual Small Business Federal Procurement Scorecard as a result.
“We are finding that the annual Procurement Scorecard is an effective tool that measures how well federal agencies reach their small business and socioeconomic contracting and subcontracting goals,” bulger said in a prepared statement. “It is important to remember that SBA is providing accurate and transparent contracting data, as well as reports on the specific progress each federal agency is making toward meeting their overall contracting goals.”
Titone listed some other statistics for New Jersey:
- Small disadvantaged businesses received $752 million in federal contracts, surpassing the mandatory 5% goal at 8% of total dollars;
- Women-owned small businesses received $464.4 million in federal contracts, just under the mandatory 5% goal at a 4.95% rate;
- Service disabled veteran-owned small businesses received $146 million in federal contracts, below the mandatory 3% goal at 1.5%;
- Historically Underutilized Business Zone, or HUBZone, businesses received $65 million in federal contracts, below the mandatory 3% goal at 0.7%.
“Our work is never done when it comes to achieving contracting goals,” Bulger said. “In New Jersey, our focus will be on women-owned small businesses, certified HUBZone companies and service disabled veteran-owned small businesses. To make sure we are improving on all fronts, we are continuing to collaborate and have discussions with federal agencies on ways to expand opportunities for more small business contractors in our region to be better prepared to compete and win federal contracts.”
Nationally, the $120.8 billion represented 25.1% of federal contract dollars, also exceeding the 23% mandate. The total was up nearly $15 billion from the prior fiscal year.