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.
Source: FCW.com
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.
Source: Bloomberg.com
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.
Source: Bankrate.com
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
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