By Jamie Rossenberg,
CEO, ClassWallet

There are tools available that can help small businesses clear the hurdles ahead of them, ClassWallet CEO Jamie Rosenberg writes.

In April 2024, the Small Business Administration unveiled the results of its annual scorecard, a crucial measure of small business contracting success.

SBA’s scorecard revealed the U.S. government awarded only 28.4% of federal contract dollars to small organizations in 2023.

While progress was made since the year prior, that means the vast majority of federal, state and local funding went to large businesses.

The Government Accountability Office (GAO) has been forthright about organizations’ inability to easily and quickly access these funds, showing that the highest levels of the U.S. government recognize a need for change when accessing public dollars.

Hurdles in Accessing Funds

Often, small businesses find it challenging to compete with large businesses due to roadblocks in securing government grants and contracts. These roadblocks can be due to compliance or regulatory challenges, as well as being forced to work with limited resources as a small business.

For example, complex procurement processes and strict regulations pose significant challenges for small businesses in their quest to access and utilize grants.

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