Wisconsin small businesses last year secured more than $1 billion in federal contracts for the second year in a row, according to the latest U.S. Small Business Administration figures.
The federal agency this week announced more than $5.9 billion was spent on federal contracts in Wisconsin in fiscal year 2022, including nearly $1.03 billion — or about 17 percent — going to small businesses. In fiscal year 2021, those figures were about $6.1 billion and $1.1 billion, respectively.
Since 2010, the figure for small businesses in the state hadn’t exceeded $900 million, even in years when the total amount going to all Wisconsin businesses was higher.
In a statement on the numbers, SBA Wisconsin District Director Eric Ness touted the impact of federal contracts for the state economy, calling it “a powerful tool for entrepreneurs to open new and stable revenue streams” for their companies.
“SBA resources like the 8(a) Business Development Program are vital to companies like Great Lakes Power Vac and others to creating new jobs, build stronger communities and improve the quality of life for everyone living in the Badger State,” Ness said.
The agency’s release spotlights this Pewaukee-based small business, with founder and President Greta Smith-Bemi crediting SBA programs for helping the company land other government contracts.
“Working on federal projects helped GLPV to professionalize and refine our programs to fulfill numerous quality assurance requirements,” Smith-Bemi said in the release. “In the long run, this has been a benefit in working with other clients.”
The SBA figures include a regional breakdown as well, showing 21.87 percent of purchases made by the federal government last year across Illinois, Indiana, Michigan, Minnesota, Ohio and Wisconsin were from small businesses.
See the release: https://www.wisbusiness.com/2023/u-s-small-business-administration-wisconsin-small-businesses-win-over-1-billion-in-federal-contracts-during-fy-2022/