Small Businesses Garner 30% of Port Contracts — and More Than $80 Million
2011-08-25 · By Editor
The Port of Long Beach awarded more than $80 million in contracts to small firms, many of them locally based, in the 2010 fiscal year, Port staff reported this week.
The report, which measured contracts that met standards of the Port’s Small Business Enterprises/Very Small Business Enterprises (SBE/VSBE) Program, said 28 percent of contracted services went to SBEs/VSBEs in fiscal year 2010, exceeding the annual goal of 25 percent.
“This is a very important program and one that helps stimulate our economy and create jobs by expanding business opportunities to smaller firms,” said Harbor Commission President Susan E. Anderson Wise. The report was presented during Monday’s meeting of the Board of Harbor Commissioners.
Since 2004, the Port’s Small Business Enterprises/Very Small Business Enterprises (SBE/VSBE) Program has awarded more than $155 million to smaller firms.
Under federal guidelines used by the Port, SBEs are defined by their average gross revenue, typically less than $14 million for specialty trade contractors or less than $7 million for professional services firms. VSBEs, under state guidelines, have 25 or fewer employees or less than $3.5 million in average gross revenue.
The bulk of the Port’s SBE and VSBE contract amounts in fiscal year 2010 – $66.7 million – went to firms providing engineering and construction services.
For the full report or to view the archived webcast and agenda from Monday, August 22, Board of Harbor Commissioners meeting, click here.
For more information on the Port’s SBE/VSBE Program, click here.