POLB reports over $55 million in spending on small businesses – Press Telegram

More than $55 million of port spending last fiscal year benefited small businesses in Long Beach, exceeding goals to expand opportunities for such businesses by 15%, officials announced Tuesday, Aug. 27.

The Port of Long Beach reported that nearly 42% of port funds were spent on eligible contracts under its Small Business Enterprise Program to purchase materials and services from “small businesses” and “very small businesses.”

“The SBE program provides opportunities to a larger and more diverse range of local contractors, suppliers and other businesses, which strengthens the local economy,” said Mario Cordero, CEO of the Port of Long Beach, in a statement. “As an added benefit, we believe this approach also increases competition for tens of millions of dollars worth of government contracts each year, leading to better outcomes and even more value.”

In 2023, approximately 41.8% of small and very small enterprises were awarded contracts with the port. This is the second highest figure since the program began in 2004, only the figure of 48.9% in 2022 is higher.

Spending on small business contracts increased to $55.7 million year over year from $54.2 million, port officials said. Small business participation at the port is also 27% higher than other port authorities.

“The Port of Long Beach creates jobs for our community and beyond, but we know that simply serving as an economic engine is not enough,” said Bonnie Lowenthal, president of the Long Beach Port Commission, in a statement. “This program was created to ensure that smaller businesses can also benefit from the economic opportunities.”

The U.S. Small Business Administration classifies “small businesses” based on annual revenue and number of employees, which can vary by industry. Eligibility as a very small business is equivalent to being classified as a microbusiness in the state of California — businesses with average annual gross sales of $5 million or less over the past three fiscal years or manufacturers with 25 or fewer employees.

To apply for the Port’s Small Business Enterprise Program, visit polb.com/businessopportunities and click on “Access the POLB Vendor Portal.”