Small businesses, including black entrepreneurs, can obtain potential profitable opportunities from the $1.2 Infrastructure package from President Biden.
Aimed at helping small businesses secure government contracts, the White House reports that the law expands access to “tens of billions of dollars in federal, state and local government contracts, including more than $37 billion through the U.S. Department of Transportation (DOT).
Another potential game changer is the legislation that made the Minority Business Development Agency (MBDA) permanent. The federal agency helps minority businesses access capital and Government Contracts. The Act provides $550 million over five years, or $110 million in annual funding through fiscal year 2025, more than double the $48 million reported by the agency in 2021. This will help MBDA to strengthen its programs and reach the country’s more than 9 million minority businesses.
President Biden ordered agencies to increase the share of federal contracting for disadvantaged small businesses, including Black-owned businesses, in federal contracts by more than 50% by 2025. The report adds that federal agencies “are now working to ensure that proposed federal funding projects are vetted for disparate impacts before they are awarded, and that federal funding does not give applicants a racially discriminatory record.”
Potential gains that could begin to evolve this year are why several black political and business leaders are optimistic about the law. These executives include Ron Busby, President and CEO of U Black Chambers Inc.; Caucus Joyce Beatty black chair (D-Ohio) ; and Cedric Richmond, senior adviser to President Biden and director of the White House Office of Public Engagement.
We are The Modern Time. Discovering the best in innovation.