Not qualifying for a federal subcontracting opportunity due to a few missed steps is definitely a deal breaker.
How Do You Qualify for Small Business Administration’s Federal Contract Opportunity?
In the world of Federal contracts, it is very easy for small businesses to get lost in the mix, overlooked and have their services undervalued.
However, with over 6 million government contracts being awarded over the next 3 years, with a value of over $1.8 trillion dollars, there is plenty of room for everyone.
Let’s dive into the SBA’s role in Federal contracting.
It is the SBA’s role to assist federal agencies in placing a minimum of 23% of ALL Prime Federal contracting dollars into small businesses.
This percentage is required to meet the annual Prime and subcontracting goals set by the Federal government agencies to meet the requirements of the CFO Act. This is imperative for many reasons, namely allowing small business to break into a market that would otherwise be dominated by big corporations.
Capture 2 Proposal market intelligence, capture and proposal management software provides insight into prime and sub funding and spending on these small business set-asides, as well as calculating and comparing your company’s probability to win one of these opportunities. The streamlined process allows for a better understanding of where to focus bid efforts.
How does your small business get a piece of this federal contract pie?
Understanding these qualifiers will give you the best chance at competing for a portion of the 23% SBA contracting guarantee.
Here are the 5 Small Business Administration qualifiers.
- Is your company small business?
The SBA describes a small business in several different ways but a simple explanation is your business must satisfy SBA’s definition of a business concern, along with the size standards for small business.
- Will your company qualify for HUBZone Program?
The SBA describes the Historically Underutilized Business Zones (HUBZone) as a program that helps small businesses in urban and rural communities gain preferential access to federal procurement opportunities.
- Does your company qualify as a disadvantaged business?
The SBA describes a disadvantaged business as a small business that is at least 51 percent owned by one or more individuals who are both socially and economically disadvantaged.
- Is your company a women-owned small business?
The SBA describes a company that is a women-owned small business a company at least 51% directly owned and controlled by one or more women who are U.S. citizens.
- Is your company a service-disabled-veteran-owned small business?
The SBA describes a service-disabled-veteran-owned small business by small business concerns owned and controlled by service-disabled veterans.
Qualifying for the SBA can be a big advantage to your small business. With just under a quarter of the funding from government contracts going to small business, it’s smart to consider if there are Prime or subcontract opportunities available that have a need to fill the agency goals. Capture 2 Proposal’s all-in-one market intelligence software eliminates the tireless efforts of reviewing hundreds of opportunities, allowing small business to move from identifying opportunities to the bidding process more efficiently with less cost.
Contact Capture 2 Proposal to request a demo on this all in one software can benefit your small to midsized business.