Updates to federal contracts will support America’s Black-owned businesses
The U.S. Black Chambers, Inc. (USBC) is pleased to support President Biden’s announcement to increase the Small Disadvantaged Business (SDB) contracting goal from five percent to 15 percent (approximately $100B over five years), which will increase the share of federal contracts for small minority businesses.
“For over a decade, USBC has been tirelessly advocating for the inclusion of Black-owned businesses in our country’s economic infrastructure, which includes opportunities to receive federal contracts,” said Ron Busby, President and CEO of USBC. “As the Black community moves forward past the painful history and current realities of racial injustice and institutional inequities, USBC is committed to ensuring that the Biden Administration continues to keep racial equity at the center of its mission to build back better.”
“This announcement is a major victory for USBC, but is only the beginning of ensuring equity in government contracting. We will remain diligent in our efforts to see this bold agenda implemented as well as push back against government tendencies to consolidate contracts that often leave out black-owned businesses.”
During the commemoration of the centennial anniversary of the Tulsa race massacre, President Biden announced an intentional measure to advance and support the nation’s Black-owned businesses. This announcement comes as the Black community reflects on the carnage and economic devastation that brought down Greenwood, a prosperous African American community, which included Black Wall Street.
The full White House Fact Sheet outlines President Biden’s historic remarks, which included aims to: 1) increase in the share of federal contracts for small, disadvantaged businesses; 2) reverse two Trump-era housing rules and 3) launch an initiative to address inequality in-home appraisals, among others.
The U.S. Small Business Administration and the Office of Government Contracting & Business Development manage more than two dozen Cabinet and Federal agencies in meeting the contracting goals as it relates to SBDs and economically disadvantaged firms.