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Treasury Notes

 Three for Three! Exceeding Our Small Business Contracting Goals for the Third Consecutive Year

By:  Lorraine Cole, Ph.D.

The U.S. Department of the Treasury understands that small businesses play a critical role in driving economic growth. Because of that, we have made purchasing goods and services from small businesses a top priority. 

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Fiscal Year 2013 proved to be another exceptional year. Earlier today in a ceremony in Treasury’s historic Cash Room, Secretary Lew announced that - for the third year in a row - Treasury has exceeded its small business contracting goals, according to preliminary data. At the ceremony, hosted by Treasury’s Office of Minority and Women Inclusion, Secretary Lew congratulated staff for not only meeting the Small Business Administration’s 32 percent goal for overall small business contracting, but for also exceeding an internal stretch goal of 35 percent. When the numbers were tallied, Treasury was able to award an impressive 38.5 percent of its small business eligible contracting dollars to small businesses.

As part of this effort, Treasury more than doubled its goal for reaching women-owned small businesses and more than tripled its goal for reaching small disadvantaged businesses, the majority of which are minority-owned. Treasury also surpassed its goals in reaching HUBZone (Historically Underutilized Business Zones) small businesses and service-disabled veteran-owned small businesses. According to the early data, Treasury joined only four other agencies in meeting each one of these procurement goals. 

In dollar terms, Treasury’s efforts resulted in nearly $1 billion worth of contracts to small businesses last year, generating a significant amount of economic opportunity in the communities where they operate. 

Secretary Lew noted that these results can help set anexample for other federal agencies, and send the broader message that smallbusinesses have an important role to play in the supply chains of all largeenterprises. 

To learn more about Treasury’s Office of Minority and Women Inclusion, click here. If you are a small business looking to partner with the Treasury Department, please visit here for more information.


Dr. Lorraine Cole is the Chief Diversity and Inclusion Officer at the U.S. Department of the Treasury's Departmental Offices.

Posted in:  Small Business
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