"Ranking Member Velázquez Applauds SBA Release of Minority Contracting Statistics"
Summary
A press release dated February 2, 2024 in which Congresswoman Nydia M. Velázquez (D-NY), Ranking Member of the House Small Business Committee, praises the SBA's release of federal contracting data disaggregated by race. According to the release, the data shows record federal contracting dollars going to small businesses and targeted increases for some minority business owners. It states the Administration first released such data in 2021 and that on October 25, 2023 Velázquez led seven committee members in asking SBA to compile and release it again. Velázquez is quoted calling for protection of programs such as the SBA's 8(a) Business Development Program.
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Full text
Ranking Member Velázquez Applauds SBA Release of Minority Contracting Statistics February 2, 2024 Washington, D.C.— Today, Congresswoman Nydia M. Velázquez (D-NY), Ranking Member of the House Small Business Committee, applauded the Small Business Administration’s (SBA) release of federal contracting data disaggregated by race. “Federal contracting programs are intended to level the playing field for small businesses, with some specifically designed to provide assistance for minority-business owners who have been subject to discrimination,” said Ranking Member Velázquez. “This data shines a bright light on the inequities in our federal procurement system. It highlights the need for a more concerted effort to prioritize and protect programs that empower underrepresented entrepreneurs.” The data released today showcases several trends for small businesses including that record federal contracting dollars are going to small businesses and we are seeing targeted increases for some minority business owners. The Administration released this data in 2021, which represented the first public release of disaggregated data of federal contracting spending by race/ethnicity of business owners. On October 25, 2023, Ranking Member Velázquez led seven Small Business Committee members requesting that SBA again compile and release this information. “There is a very real and continued need for programs, like the SBA’s 8(a) Business Development Program, that seek to provide redress for historical disparities and compensate for discrimination against minority-business owners,” Ranking Member Velázquez continued. “I look forward to continuing to work with my colleagues on the committee and the Administration to protect targeted programs that seek to provide fairness and opportunity in the federal marketplace.” To read Ranking Member Velázquez’s Op-ed with Ramiro Cavazos, President and CEO of the United States Hispanic Chamber of Commerce, on the 8(a) program and impact on Hispanic business-owners, click here.
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