“We will triple the federal goal for contracting with small disadvantaged businesses from 5 percent to a minimum of 15 percent by 2025. That $30 billion will leverage $150 Billion in new financing and equity for more Black and Brown small businesses.”
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Biden formally tripled the government-wide small disadvantaged business (SDB) contracting goal to 15 percent for fiscal year 2025: the target was announced in June 2021 and set through Executive Order 14091 and OMB memorandum M-24-01 (October 2023), with stepped interim goals for FY2022-FY2024. SDB awards set records each year of his term, reaching $78.1 billion (about 12.3 percent of federal contract dollars) in FY2024. The promise as stated - raising the federal goal to a minimum of 15 percent by 2025 - was in place before his term ended January 20, 2025, though the actual award share stood near 12 percent at that point.
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