Small Business Finance News
SBA To Overhaul Its Small Business Procurement Scorecard
Written by Jenna Weiner
The SBA will soon revise its Small Business Procurement Scorecard, introducing a letter grade system.
The U.S. Small Business Administration has announced that it will revise the format of the annual Small Business Procurement Scorecard in order to make it more transparent and straightforward.
A letter grade system (A through F) will replace the previous red, yellow and green ratings on the new version of the scorecard.
SBA Administrator Karen Mills said that the revision "will provide greater clarity and transparency" on how well agencies are meeting their goals for small business prime contracting.
"Federal contracts provide critical opportunities for small businesses to grow and create jobs," Mills said. "This revision builds on our ongoing efforts to strengthen the integrity of the overall process for small business contracting, while also expanding opportunities for small businesses to compete for and win federal contracts."
Revisions will go into effect later this year.
The new format could mean good news for small businesses which may have missed out on funding. Procurement Leaders magazine reports that the scorecard revisions were prompted by a series of attacks from the American Small Business League, which accused the government of misappropriating funds allocated to small firms.
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