NM small businesses rake in federal contracts

May 7—Federal government contracts poured more than a billion dollars into New Mexico small businesses in the 2023 fiscal year.

The U.S. Small Business Administration last week announced the agency's "Scorecard" for the most recent fiscal year, which measures how federal agencies matched up with small businesses contracting goals each year.

New Mexico small businesses earned $1.2 billion in federal contracts.

"In New Mexico, the dollars going to small businesses in the last four years (post-pandemic) averaged $1.27 billion, in line with the small business boom," SBA New Mexico District Director John Garcia said in a statement.

The Small Business Act in 1953 created a rule that a percentage of government purchases, contracts or subcontracts have to go to small businesses.

In the 2023 fiscal year, the federal government set a record with 28.4% of federal contract dollars going to small businesses. That amounted to $178.6 billion investment into small businesses across the country, according to SBA.

"We have championed initiatives to fuel the nation's economy while leveling the playing field for entrepreneurs of all backgrounds and ensuring fair competition in federal contracting," SBA Administrator Isabel Casillas Guzman said in a statement.