Small Business Participation in Federal Contracts Continues Years-Long Decline

The number of small businesses receiving federal contracts continued its years-long decline in 2022 according to a new report. Just under 60,000 small companies received federal contracts in fiscal year 2022, compared to over 121,000 in 2010. Cybersecurity requirements, new regulations and a failure to effectively increase diversity among contract awards were cited as factors.



New York City Halts Loan Program Due to Overwhelming Response

New York City put a temporary hold on its newly launched low-cost small business loan program. The program has so far received over 10,000 applications but is designed to fund up to 1,500 eligible businesses total.



Mastercard Announces New Grant Program for Black Women-Owned Businesses

Mastercard will partner with Fearless Fund, a Black women-owned venture capital fund, on The Fearless Strivers Grant Contest. The program aims to provide $20,000 grants to Black women-owned small businesses, along with digital tools and mentorship opportunities.

Source: Small Business Trends


How Invoice Factoring Firms Can Help Small Companies

An invoice factoring company can provide immediate funds from outstanding invoices that are due. This is a good option for small-business owners who need cash quickly and often do not qualify for traditional business loans.



FedEx Will Launch 11th Annual Small Business Grant Contest

FedEx recently announced the upcoming launch of its 11th annual Small Business Grant Contest, which will award more than $330,000 in grants and services to 10 U.S.- based small businesses. Grand prize winners will be announced on May 11, 2023.

Source: Yahoo! Finance