Skip to content Skip to footer site map

Navigate Up
Sign In
Home
Treasury For...
AboutExpand About
Resource CenterExpand Resource Center
Empty
ServicesExpand Services
InitiativesExpand Initiatives
CareersExpand Careers
Connect with Us

Treasury Notes

 Supporting Small Businesses: Treasury Beats Small Business Contracting Goals

By: Dan Tangherlini
12/15/2011

Small businesses are one of the principal engines of job creation in our economy.  They create two-thirds of all private sector jobs, and employ half of all working Americans.   That’s one of the reasons that the Treasury Department is working hard to maximize opportunities for small businesses by improving the way we do business. 

Each year, the Treasury Department strives to meet an overall goal for the portion of goods and services it purchases from small businesses.  It also aims to achieve sub-goals for small businesses located in economically distressed areas or that are owned by women, socially and economically disadvantaged individuals, and service-disabled veterans. 

Preliminary data show that this past year—fiscal year 2011—Treasury not only met its overall small business goal and each of the four sub-goals – we exceeded them.  By all indications, last year Treasury spent approximately 34 percent of its $2.2 billion contracting budget on purchases that support small businesses.

FY2011 (Percentage of Total Treasury Procurement)

 
Overall Small Business
Small Disadvantaged Business
Women- Owned Small Business
Historically Underutilized Business Zones (HUBZONE)
Service Disabled Veteran Owned Small Business
GOAL
28.5%
5%
5%
3%
3%
ACHIEVED
34.6%
12.8%
12.6%
4.1%
4.0%
FPDS-NG Data as of 12/11/11
 

Treasury exceeded the overall goal for contracting with small businesses by nearly six percent. That has a powerful impact because each one percent increase in the amount of Treasury’s contracting that goes to small businesses translates into a $21.5 million investment in the small business community. 

Today Secretary Geithner and Deputy Secretary Neal Wolin hosted Treasury’s annual awards event to highlight our FY 2011 small business, savings, and risk reduction contracting goal achievements. The event, organized jointly by the new Office of Minority and Women Inclusion (OMWI) and the Office of the Procurement Executive, awarded success in four categories: Department Small Business Contracting, Bureau Acquisition Goal Achievement, Individual and Team, and Small Business Industry.

Secretary Geithner praised the honorees, saying “it’s so important what you have accomplished today and it’s why we’re here to celebrate your achievements in making sure we’re creating opportunities for small businesses across the country.”  

Deputy Treasury Secretary Neal Wolin noted that “we set high goals for ourselves and we achieved them. We should all be very proud. But this is a program and a set of initiatives that we want to stay focused on.” He added that Treasury “found some real keys to success this past year and we need to be focused on turning those keys to success into continued success, to get better and better.”

For example, our Mentor-Protégé award for small businesses contracting with Treasury, which is part of a program designed to encourage large firms to assist small businesses to build their internal capacity, went to the partnership of HMS Technologies and Central Research.  Central Research is a verified “Service Disabled Veteran Owned Small Business” (SDVOSB) under the U.S. Department of Veterans Affairs, Center for Veterans Enterprise.  As a mentor, HMS Technologies provided support to Central Research and provided multiple opportunities for capacity building, ranging from training guides and templates to hands on training in their office with Central Research team members.  This mentoring helped Central Research obtain its first prime contract—a contract that goes directly to a vendor— with Treasury in 2010. 

 

Small Business Industry Award Winners with Don Graves, Deputy Assistant Secretary for Small Business, Community Development and Housing Policy & Executive Director, President’s Council on Jobs and Competitiveness; Thomas Sharpe, Senior Procurement Executive, Office of the Procurement Executive; and Lorraine Cole, Director, Office of Minority and Women Inclusion

Over the past year, senior leadership at Treasury and their teams remained focused on achieving our small business goals.  These efforts resulted in a $100 million increase in revenue from federal contracts for small businesses.  Although we’re proud of our achievements, our progress will not stop there.  We’re committed to doing even better this fiscal year.

Dan Tangherlini is Assistant Secretary for Management, Chief Financial Officer, Chief Performance Officer, and Director of the Office of Small and Disadvantaged Business Utilization at the U.S. Department of the Treasury.

Posted in:  Small Business
Bookmark and Share

Treasury Facts

  • The Treasury is the oldest departmental building in Washington and at the time of its completion, it was one of the largest office buildings in the world.