Championing Small Business and Procurement Innovation
August 2, 2022
by Maria S. Salinas
In a region where 94% of businesses have less than 20 employees, one of the most powerful economic development tools at our disposal is the multi-billion-dollar annual procurement spend.
Since 2019, the Chamber has zeroed in on this opportunity. Through advocacy, training, and business development support, we have worked to increase access to contracts for small businesses. Our OneLA Inclusive Procurement program has a proven track record and has made a quantifiable impact, helping diverse small businesses win over $17 million in contract awards.
Leading up to the Olympic and Paralympic Games, there will be an unprecedented economic opportunity for Los Angeles. The region’s infrastructure will be transformed through funding from the federal government’s Infrastructure Investment and Jobs Act, LA Metro’s Measure M, and the LAX Modernization Program. With major sports and entertainment events, the region’s cumulative buying power is expected to surpass $30 billion annually. Contracts to supply goods and services will be available across a variety of sectors including construction, manufacturing, transportation, and healthcare, among others.
However, small businesses, especially those owned by women and people of color, still face a challenging uphill battle as they navigate the complex road to contract acquisition. The current process is siloed and onerous, making it difficult for small businesses to break through. But, several agencies are preparing to create greater access and streamline the contracting processes for small businesses. The Chamber, as a convener, has brought together local, state, and federal public agencies to strengthen collaboration and innovate systems to broaden access. This translates to a positive economic impact for the entire community.
Procurement innovation is critically needed. With a shared vision and goal to expand and grow opportunity for our small businesses, we can bring about innovative solutions for a thriving region.
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