WASHINGTON – The Department of the Navy (DON) Office of Small Business Programs (OSBP) has once again delivered record-breaking results in its commitment to small business advocacy. With Fiscal Year (FY) 2024 now closed, DON OSBP is proud to announce that it not only met but exceeded its small business goals, further solidifying its leadership in fostering innovation, equity, and resilience within the small business community.
Fiscal Year 2024 was another groundbreaking year for the Department of the Navy, as DON OSBP surpassed expectations in prime awards across all socio-economic categories. Highlights from FY24 include achieving $21.0 billion in Small Business awards, with a 20.41% performance rate against a 15.80% goal. These results also exceeded targets for Women-Owned Small Business (2.91% performance against a 2.37% goal) and HUBZone Small Business (1.96% performance against a 1.49% goal). This achievement builds on the $20.1 billion awarded to small businesses in FY23 and underscores the Department’s continued dedication to making small business the "first option."
Additional highlights include:
• Women-Owned Small Business (WOSB): $2.99 billion in awards, exceeding the 2.37% goal with a 2.91% performance rate.
• HUBZone Small Business: $2.01 billion in awards, surpassing the 1.49% goal with a 1.96% performance rate.
• Small Disadvantaged Business (SDB) and Service-Disabled Veteran-Owned Small Business (SDVOSB): Record-setting performances with $7.85 billion and $2.99 billion in awards, respectively.
The department’s buying activities played a critical role in driving these successes. NAVFAC achieved a $1.4 billion increase in Small Business awards since FY21, while NAVWAR’s innovative HUBZone Challenge led to a 47.91% increase in HUBZone awards in FY24 alone. Activities such as NAVAIR, NAVSEA, ONR, and MCSC demonstrated exceptional year-over-year growth, showcasing the collective commitment to fostering equity and opportunity.
Reflecting on the past four years, the Department of the Navy has achieved record-breaking growth across all socio-economic categories. From FY21 to FY24, Small Business awards increased by over $4 billion, with Small Disadvantaged Business awards growing by 19.97% from $6.55B in FY21 to a record setting $7.85B in FY24. The Office of Naval Research (ONR) contributed significantly with a 61.18% increase in awards to small businesses, while NAVFAC and NAVWAR drove transformative growth in HUBZone awards.
These achievements are not just numbers—they represent opportunities created, barriers broken, and a strengthened industrial base capable of meeting the Navy and Marine Corps’ evolving needs. As DON OSBP looks to the future, it remains steadfast in its mission to set higher benchmarks and provide opportunities for small businesses to thrive.
For more information, visit https://www.secnav.navy.mil/smallbusiness.
About the Department of the Navy Office of Small Business Programs
The Department of the Navy Office of Small Business Programs promotes small business participation in Navy and Marine Corps procurement opportunities. By providing resources, mentorship, and assistance, the program fosters a competitive and diverse industrial base that supports the mission of the Department of the Navy.
| Date Taken: | 12.02.2024 |
| Date Posted: | 12.03.2024 09:32 |
| Story ID: | 486469 |
| Location: | WASHINGTON, DISTRICT OF COLUMBIA, US |
| Web Views: | 45 |
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