FILE - A shop holds a sidewalk sale on Feb. 10, 2023, in Providence, R.I. NEW YORK — Federal grants can be a huge boost for small businesses. And some federal agencies do better at giving grants to small businesses than others.
Overall, the federal government has a goal to award 23% of contracts to small businesses. In fiscal 2023, 28.4% of contracts were awarded to small businesses, amounting to $178.6 billion. It’s the third year of exceeding the goal, according to the SBA. “Through President Biden’s Investing in America agenda, we have championed initiatives to fuel the nation’s economy – ensuring competition and a level playing field so that small businesses can access the historic level of investments through federal contracting,” said SBA Administrator Isabel Casillas Guzman.