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the financial results of these ineligible firms were assessed, it was revealed that the subterfuge and
inaccuracies were translated into billions of dollars and this amount of money has been misattributed. In
the fiscal year 2014, the potential dollar loss accounts for $5 billion.
According to Jim Ward, VP of Business Development at BidPrime, a government bid database and
research firm, "This same phenomena is already present in state and local government contract
practices, where there is even less oversight." He added that, "cities, counties and municipalities are
under a lesser microscope for their government contracts and bids. Many government bids which are
issued for Women or Minority owned businesses either don't have competition or a proper vendor
outreach tool in order to advertise to women owned small businesses."
The GAO report also focused on disclosing ineligible firms in the database of the federal government
across various socioeconomic sectors in combination with the observations of GAO about the failure of
SBAs oversight. The President and the Administrator of SBA along with the Congress will be set up an
action plan for protecting the rights and opportunities of women who are running small businesses.
Visit at:http://www.gao.gov/products/GAO-15-54
http://www.bidprime.com/tour