The Biden administration declared September 18 – 24, 2022 Minority Enterprise Development Week. The proclamation published September 16th, also announced various ways that the Administration has supported Small Disadvantaged businesses including:
- The American Rescue Plan, which directs the Department of Treasury to establish a $10 billion credit initiative to increase access to capital by establishing lending programs and investment programs for main-street small businesses and early-stage companies in disadvantaged areas.
- The Infrastructure Law which made permanent the Minority Business Development Agency (MBDA) and links minority-owned businesses to private lenders, exporters and buyers.
- Direction for the Department of Transportation to prioritize contracts to Small Disadvantaged businesses.
- A Pledge to increase contracts awarded to Small Disadvantaged businesses by 50% by 2025.
A 50% increase would increase the goal for Small Disadvantage business from 10% to 15% by 2025 and result in about $100 billion more in contract awards to minority-owned businesses over a five-year period.
Coley fully supports the President’s goals and have supported minority-owned businesses over the past 20+ years. Over 56% of Coley’s 1,000+ clients are minority owned businesses and for the past 4 years, in partnership with the SBA, Coley has trained and coached hundreds of small businesses through our FedMap Capture Training program. In addition, Coley has also helped these clients acquire, manage, and market their GSA Schedule contracts, as well as other Government-Wide Acquisition Contracts (GWACs). We are proud of our track record and have helped our minority clients win more than $14.5 Billion in new contract awards.
The President stated he has requested Congress to increase funding to SBA and MBDA to support underserved business owners. The White House proclamation identified obstacles for small businesses ranging from obtaining capital, barriers for new minority owned business to enter new markets and the limited access they have to government contracts. Our experience gives us an understanding of the struggle small business owners face. This is exactly why it is our mission to provide resources and solutions that help small business owners avoid pitfalls and win more contracts. Through our powerful FedMap Capture Training, our clients receive tailored, coach-led training that guides them through the entire process of pursuing and winning a real-life contracting opportunity.
Coley will continue to monitor updates that impact the small business community. Subscribe to our Contracting Insights blog and Connect with our community of government contractors to continue the conversation. If you need a assistance with growing your government business or positioning yourself to win part of the contracts awarded to minority-owned businesses, reach out to Coley at 210-402-6766, by email at firstname.lastname@example.org or schedule a call at a time convenient for you.
Jack is CEO of Coley & Associates, Inc., Coley GCS, LLC, and founder of FedMap™– the government contractor accelerator. He is a results-driven executive, and successful entrepreneur who has a deep understanding of the super competitive government contracts marketplace. He has used his understanding, along with his more than 25 years of experience, to help small businesses win more than $20 Billion in new contracts. Jack has advised more than 1,000 small and large businesses, spoke at conferences, sat on expert panels, and been quoted in numerous articles. His experience spans a broad range of government agencies and functional areas. He is an Air Force Veteran, received his MBA with Honors from Webster University, and a Bachelor’s with distinction from Wayland Baptist University.