The Department of Commerce announced that in Fiscal Year 2023, more than half of its federal contract dollars were awarded to small businesses, totaling $2.8 billion. Additionally, over 25% of contract dollars were directed to Small Disadvantaged Businesses, amounting to $1.4 billion. This achievement led to the Department of Commerce receiving an “A+” rating from the Small Business Administration for its small business contracting efforts, marking the 8th consecutive year of such recognition.

"Small businesses power America’s economy and are a crucial driver of employment and prosperity," stated Secretary of Commerce Gina Raimondo. She highlighted the significant investments being made through President Biden’s initiatives such as the Investing in America agenda, Bipartisan Infrastructure Law, CHIPS and Science Act, and Inflation Reduction Act, aiming to support small business owners in seizing monumental opportunities.

In addition to exceeding its goals for contracting with small businesses overall, the Department of Commerce also surpassed its targets for women-owned small businesses, service-disabled-veteran-owned small businesses, and Historically Underutilized Business Zone small businesses in FY2023.

The annual Procurement Scorecard from the Small Business Administration serves as a critical assessment tool, evaluating federal agencies' effectiveness in meeting small business and socioeconomic contracting goals. The Department of Commerce’s full scorecard and methodology explanation are available on SBA.gov.

For more information on the Department of Commerce’s small business program, interested parties can visit the Office of Small and Disadvantaged Business Utilization on Commerce.gov.