Apr 4, 2024
AI’s Global Footprint: A Closer Look at its Role in Federal Contracting
For a number of small businesses, government contracts are their lifeblood. These business contracts offer them a lucrative and stable revenue stream. However, securing these small business contracts is a resource-intensive task. It involves a number of complex steps that are labor-intensive as well. But in the digitally advanced era, machine learning (ML) and artificial intelligence (AI) are playing pivotal roles in streamlining the process of applying for and winning government contracts. Role of Artificial Intelligence in Federal Contracting Before winning a federal contract, it is important for small businesses to find it. The search process for winning government contracts is extremely daunting. The AI-powered search algorithms make it easy to search for these contracts and offer relevant opportunities for the businesses over time. With the help of these AI tools, government contractors will be able to find live opportunities, federal buyers and teaming partners at least six times faster. The unique application of AI in federal contracting is as follows. Searching for Business Proposals This AI tool searches for business leads that are uniquely suited for the business. It is also a great system that helps to get rid of complicated dials, filters and other icons on websites. The […]
Mar 29, 2024
The Vital Role of Small Businesses in Fueling USA Economic Growth
According to the research reports released by the Small Business Administration, small companies generate more than 1.5 million jobs easy year, and they account for rendering 64% of new jobs in America. Small businesses also contribute to about 44% of the US economic activity and have been maintaining stable economic growth, even during hard economic times. The Vital Role of Small Businesses in Fueling USA Economic Growth Big corporations generally get a lot of attention when it comes to creating new jobs. But small businesses also employ more people and also have more resilience when business times get tough. Small businesses are driving the USA’s economic growth in the following ways. Small Businesses Help to Support the Local Economy If an individual spends about $100 at a local business, it has been estimated that about 68% of the income stays within the local economy only. If the individual spends the same amount at a large business, then only 48% of it will stay within the local economy. Therefore, independent businesses help local economies grow through new jobs, revenue, services, etc. Small Businesses Offer Innovative Contributions for Businesses Small businesses not only contribute to the economic benefits of the company but […]
Mar 22, 2024
How the SBA Surety Bond Program Helps Small Businesses Win Contracts
The Small Business Administration is increasing its statutory contract limits for the Surety Bonds Program. This change is expected to increase revenue opportunities through small businesses contracting, thus supporting job creation and economic growth. The SBA has agreed to guarantee bid, payment, and ancillary bonds up to $14 million for federal contracts. Thus, the surety bonds will help small businesses win federal contracts by offering the customer a government-backed guarantee that the work will be done on time. SBA Guarantees Surety Bonds for Small Businesses The Surety bonds can help small businesses win business contracts by providing a guarantee to the customer. Many private and public contracts require surety bonds that the surety companies generally offer. The Small Business Administration offers surety bonds for some surety companies, that help small businesses, even if they need to meet the criteria for other sureties. Categories of Work that SBA Surety Bonds Cover Some businesses and business contracts would require surety bonds that cover certain situations. The SBA thus guarantees surety bonds that cover several major categories of work, and these are as follows. All performance and payment bond guarantees would be required to pay a fee of 0.6% of the contract price […]