The U.S. Small Business Administration (SBA) announced its fiscal year 2027 small-business contracting goals on Monday to correspond with the first day of National Veterans Small Business Week.
The agency has set a goal of 3 percent for both prime contracting and subcontracting for HUBZone business, 5 percent Small Disadvantaged Businesses and Women-Owned Small Businesses, and 10 percent for Veteran-Owned and Service-Disabled Veteran-Owned Small Businesses. The new goal is double the previous veteran prime contracting and subcontracting rates.
“Veteran entrepreneurs deliver unmatched products and services that bolster our Main Streets and our military readiness,” SBA Administrator Kelly Loeffler said. “Traveling the country, I’ve had the honor of meeting with many veteran-led businesses. In the defense industry, small businesses make up 70 percent of the industrial base, and they underpin the Arsenal of Freedom. We are proud to offer our nation’s heroes new opportunities to grow their small businesses and create more jobs – and we are grateful for their service to our nation as essential suppliers and innovators.”
Under the Small Business Act, the federal government is required to establish annual contracting goals that provide the maximum practicable opportunity for small businesses. The federal government has a goal of awarding at least 23 percent of federal prime contracting dollars to small businesses.