The federal government, our world’s largest buyer and most powerful consolidator of wealth and cash, began a new procurement year on October 1st.
Federal Contract Procurement for Small Businesses
The Small Business Jobs Act of 2010 established a Teaming Pilot program that helps put contract dollars into the hands of small businesses. Special programs are used to help small businesses win at least at 23 percent of all federal contracting dollars spent each year. At least five percent of all federal contracting dollars are intended to be awarded to small disadvantaged businesses each year.
How can you participate?
Register your business with the System for Award Management. SAM is a database that government agencies search to find contractors. Your small business profile in SAM is like a resume.
The D-U-N-S Number is used to establish your company’s D&B® file, which can help potential partners and lenders learn more about your business, and may also help them make more informed decisions about whether or not to work with you as a client, supplier, or partner.
The SBA assigns a size standard to each NAICS code.
Most manufacturing companies with 500 employees or fewer, and most non-manufacturing businesses with average annual receipts under $7.5 million, will qualify as a small business.
Learn more about SBA.gov federal contracting assistance programs.