City launches program increasing contracting opportunities for small businesses
The City of Minneapolis will launch a new program Jan. 1, 2017 expanding opportunities for small businesses to compete for City contracts.
As part of the Target Market Program, qualified small businesses will have the ability to bid for City contracts up to $100,000 alongside other similarly situated small businesses instead of larger, more established companies. Key goals of the program include increasing competition for contracts, expanding opportunities for historically underutilized small business and stimulating the local economy. The program is race and gender neutral.
Businesses must meet the following criteria to be eligible for the Target Market Program:
- Business size does not exceed the United States Small Business Administration (SBA) size standards under the North American Industry Classification System code;
- The principal place of business is within the 13-county Twin Cities metro area;
- The business is independently owned and controlled;
- The business is for-profit;
- It performs a commercially useful function; and
- Business size does not exceed the United States Small Business Administration (SBA) size standards under the North American Industry Classification System code, and have annual gross receipts under the following maximum amounts:
- Construction: $10 million
- Manufacturing Operations: $5 million
- Professional/Technical Services: $5 million
- Retail Operations: $3 million
- Service Operations: $3 million
- Wholesale Operations: $4 million
The Target Market Program is part of a broader City effort to diversify the City’s supplier base and support small businesses. Staff surveyed more than 200 businesses and found that 45 percent had never done business with the City. Seventy-four percent of the firms said they would likely participate in the Target Market Program. The vast majority were small companies with fewer than 20 employees.
For more information about the Target Market Program, visit www.minneapolismn.gov/finance/procurement/TargetMarketProgram. Questions and comments can also be directed to [email protected].
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Published Dec 21, 2016