Small biz

Promoting local businesses is key for the island’s economic development. >Courtesy Indulac

The U.S. Small Business Administration’s (SBA) release of the Fiscal Year 2019 Small Business Federal Procurement Scorecard shows a record-breaking $132.9 billion in prime federal contracts – 26.5% of the federal contracting dollars - were awarded to small businesses. The federal government-wide prime contracting goal is for at least 23% of all prime federal contracting dollars should be awarded to small businesses.

Exactly 2,067 small businesses in Puerto Rico and the U.S. Virgin Islands (USVI) were awarded $618,762,045 in federal contracts during this time.

The federal government exceeded the goal for Women-Owned Small Businesses for the second time in the history of the Scorecard measurement program, achieving the five percent goal for the first time in FY15 and building upon the record successes. The Women-Owned Small Businesses achievement for FY19 was 5.19%, setting a new record. Of the federal dollars distributed to Puerto Rico and USVI small business contractors last year, 16.27% went to WOSBs.

The U.S. government also exceeded the goal for Service-Disabled Veteran-Owned Small Businesses for the seventh consecutive year, achieving the three percent goal for the first time in FY12 in addition to surpassing another goal of contracts going to Small Disadvantaged Businesses, where the trend of year-over-year record achievement that well exceeds the five percent goal was continued.

The overall FY19 numbers are an increase of $12.1 billion over the previous fiscal year and marks the seventh consecutive year the federal government exceeded its small business contracting goal. Targeted sub-goals are also established for women-owned small businesses (5%), small disadvantaged businesses (5%), firms located in HUBZones (3%) and service disabled veteran-owned small businesses (3%) as well which are meant to be subsets of the overall small business goal of 23%.

Puerto Rico and USVI small businesses surpassed each of the five category’s goal.

“Over $750 million in federal contracting dollars were awarded directly to small businesses in Puerto Rico and the U.S. Virgin Islands last year. Moreover, record-breaking national numbers continue to be a boon to our small business community. The federal government is the largest purchaser of goods and services in the world; small businesses supply the U.S. government with the goods and services needed to operate,” SBA Atlantic & Mid-Atlantic Regional Administrator Steve Bulger said.

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