Federal agencies awarded a record level of business to small companies in fiscal 2003, according to data from the Small Business Administration
(SBA). More than a quarter, or $65.5 billion of the $247.1 billion that federal agencies granted in prime contracts last fiscal year went to small businesses, representing a 23 percent jump over fiscal year 2002.

Under federal law, the government must aim to award at least 23 percent of prime contract dollars to small businesses. The SBA attributes the success in part to the organization’s national Business Matchmaking Program, which brings together small-business owners and federal procurement specialists to discuss future contracting opportunities.

In late May, the SBA launched a new web site to serve as the business gateway for U.S. businesses to connect with federal agencies, providing specific business tools and resources. Currently in its initial phase, Business.gov will provide one-stop, online federal government information and services that businesses need and can access in one easy-to-find location.

Corporate Finance articles brought to you by MACPA Corporate Sponsor, Great Lakes Business Credit.