EDG Entities

Boosting Opportunities: Federal Government Increases SDVOSB Contractual Spending from 3% to 5%

EDG Entities
May 20, 2024By EDG Entities

The federal government has recently announced an increase in contractual spending for Service-Disabled Veteran-Owned Small Businesses (SDVOSBs) from 3% to 5%. This change aims to provide more opportunities for these businesses to secure government contracts and grow their operations.

Why This Change Matters

SDVOSBs play a crucial role in our economy. By increasing the spending goal, the government is acknowledging the importance of these businesses. More contracts mean more revenue and job creation, which benefits the entire community.

Veterans often face challenges when transitioning to civilian life. Owning a business can provide a stable income and a sense of purpose. This increase in spending is a significant step toward supporting our veterans.

veteran business
  • Increased revenue
  • Business growth
  • Job creation

Business owners should stay informed about upcoming contract opportunities. They should also ensure they meet all the necessary requirements to qualify for these contracts.

Steps to Take Advantage of This Opportunity

SDVOSBs should take the following steps to maximize their chances of winning contracts:

  1. Register with the System for Award Management (SAM).
  2. Stay updated on contract opportunities through the Federal Business Opportunities (FBO) website.
  3. Network with other veteran-owned businesses and government agencies.
business meeting

There are various resources available to help SDVOSBs navigate the contracting process. These include:

  • The Small Business Administration (SBA)
  • Veteran Business Outreach Centers (VBOCs)
  • Local government agencies

These organizations offer training, counseling, and other support services. They can help businesses understand the requirements and improve their chances of winning contracts.

Conclusion

Increasing the contractual spending goal for SDVOSBs from 3% to 5% is a positive move. It provides more opportunities for veteran-owned businesses to thrive. Business owners should take advantage of this change by staying informed and utilizing available resources.

business growth