Montgomery County Office of Procurement Reports Record Funding Awarded to Minority and Local Small Businesses in Fiscal Year 2024

For Immediate Release: Tuesday, December 3, 2024

The Montgomery County Office of Procurement's Fiscal Year 2024 (FY24) Annual Reports for the Minority, Female and Disabled-Owned Business Program (MFD) and Local Small Business Reserve Program (LSBRP) showed a record $248,126,541 was awarded to certified MFD businesses-the highest amount since the program's inception. This represents 23.5 percent of the total eligible dollars ($1,055,664,323) allocated for MFD participation.

In FY24, the County awarded $130.5 million in contracts to certified LSBRP businesses. The amount represented 32.2 percent of the eligible dollars. This is the highest percentage spent with local small businesses since the program began in 2009. For comparison, the LSBRP spend in FY15 was $74.8 million, or 23.9 percent of eligible spending. Over the past decade, the program has seen a 30 percent increase in percentage and a 74 percent increase in dollar amount spent.

"These achievements reflect our unwavering commitment to supporting local businesses and ensuring that minority, female and disabled-owned businesses are empowered to succeed in Montgomery County," said Montgomery County Executive Marc Elrich. "We are expanding access, engaging entrepreneurs and creating a more equitable economy. By investing in these businesses, we're investing in our community's future and building pathways to create more job opportunities for our residents. Together, we're setting a standard for inclusive economic growth."

The Office of Procurement annually participates in about 40 regional outreach events and co-hosts outreach events with local organizations. In April, the Office of Procurement co-hosted a Maryland Department of Transportation Certification Workshop with the African American Chamber of Commerce. In October 2023, The Office of Procurement and the Maryland Women's Business Center launched a quarterly webinar series titled "How to do Business with Montgomery County." Last year, they partnered with the Maryland Black Chamber of Commerce to co-host a series of vendor outreach events, with another series to launch in spring 2025.

"Montgomery County has achieved a remarkable milestone that touches the heart of our community - breaking our own record for percentage spent supporting locally-owned businesses for the second year running," said Office of Procurement Director Ash Shetty. "We also achieved the highest ever dollar spend with minority and women-owned businesses. With 48 percent of contracts awarded to first-time vendors, this outstanding accomplishment goes beyond numbers, representing countless dreams realized and families empowered. As we celebrate this success, we're reminded that when we invest in our local entrepreneurs and those from underrepresented communities, we create a stronger, more dynamic economy that benefits everyone. The momentum continues to build, and we're excited to partner with our community to reach even greater heights together."

The Office of Procurement will host its Vendor Connection Summit on May 8 at the Silver Spring Civic Building. This expo-style event provides opportunities for local, small and minority-owned businesses to network with County departments and other County contractors. The Office of Procurement hosts a virtual Open House at 10 a.m. on the third Wednesday of every month.

For more information on the Office of Procurement and to view the FY24 Annual Reports, visit its website at www.montgomerycountymd.gov/pro .

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Release ID: 24-541
Media Contact: Grace Denno 240-777-9959
Categories: Business

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