The Small Business Administration reported that FY2024 marked the fourth consecutive year of growth in small business contracting. Here's what the data shows:
- $183 billion awarded to small businesses (28.8% of all federal contracting)
- $40 billion awarded to small disadvantaged businesses (12% of all contracts)
- $15.4 billion in 8(a) set-aside contracts
- $32.8 billion to service-disabled veteran-owned businesses
- $31.7 billion to women-owned small businesses
Source: SBA FY2024 Small Business Procurement Scorecard, GovSpend Federal Contract Analysis
The ROI Case for CertificationAccording to industry research, companies working with diverse suppliers achieve a 133% greater return on procurement operations compared to companies that don't. This isn't just good PR—it's a competitive advantage that Fortune 500 companies actively seek.
For minority-owned businesses, this translates to real opportunities:
- Access to 5-25% of government procurement budgets specifically designated for MBEs
- Exposure to corporate supplier diversity programs (75% of corporations now have them)
- Federal and state tax incentives for companies that procure from certified MBEs
- Networking access to 17,000+ certified MBEs through NMSDC
Source: Veridion Supplier Diversity Statistics, NMSDC Certification Benefits
What MBE Certification Costs vs. What It ReturnsCertification Investment:
- NMSDC application processing: $270-$1,700 (based on revenue)
- Processing time: 45-90 days
- Annual renewal required
Potential Returns:
- Government set-asides worth $40+ billion annually
- Corporate supplier diversity spending of $50+ billion from S&P 500 alone
- Billion Dollar Roundtable companies (43+ corporations) each spend $1+ billion with diverse suppliers
Source: NMSDC Hub, CRMSDC Certification FAQs, JUST Capital Research
Real Corporate Spending CommitmentsMajor corporations have made public commitments to diverse supplier spending:
- Walmart: $13 billion with diverse suppliers in 2023
- Target: Committed $2 billion with Black-owned businesses by 2025
- UPS: $2.6 billion annually with small and diverse businesses
- Billion Dollar Roundtable: 43+ corporations each spending $1B+ annually
These aren't charity programs—corporations achieve measurable ROI from supplier diversity, which is why 85% of Fortune 500 companies maintain these programs.
Source: JPMorgan Chase Supplier Diversity Report, Billion Dollar Roundtable
Your Next Steps: Getting CertifiedReady to access these opportunities? Here's your action plan:
- Take our Certification Quiz to identify which certifications match your business
- Gather required documents: Tax returns, formation documents, proof of citizenship, business licenses
- Apply through NMSDC Hub for national MBE certification
- Explore financing options in our Lender Directory to scale your capacity
Not sure which certification is right for your business? Our free quiz analyzes your ownership, industry, and goals to recommend the best certifications.
Take the Free Certification QuizAll statistics in this article are verified from official sources:
- SBA Biden-Harris Administration FY2024 Small Business Contracting Report (April 2024)
- GovSpend Federal Contract Awards FY24 Analysis
- NMSDC Certification Process and Benefits Documentation
- JUST Capital Russell 1000 Supplier Diversity Report
- Veridion Supplier Diversity Statistics Report 2024
- Billion Dollar Roundtable Member Directory
Last verified: January 2025
