Sec. 402. Findings
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Congress finds the following: There remain disparities in education, employment, and business history, which includes unequal contracting opportunities, unequal access to credit or capital, and acquisition of credit or capital under commercially unfavorable circumstances, between individuals defined as socially and economically disadvantaged under the Small Business Act ( 15 U.S.C. 631 et seq. ) and other individuals. The following statistics reiterate the disparities described in paragraph (1):
Of the 16,300,000 students enrolled in 4-year undergraduate university in the fall of 2016, 9,100,000 were White, 3,200,000 were Hispanic, 2,200,000 were Black, and 1,100,000 million were Asian. In 2018, 41 percent of all 18- to 24-year-olds were enrolled in college. However, 37 percent of Black 18- to 24-year-olds and 26 percent of Hispanic 18- to 24-year-olds were enrolled in college. Additionally, in 2019, 29 percent of Black adults had a bachelor's degree or higher, 21 percent of Latino or Hispanic adults had a bachelor's degree or higher, and 22 percent of Pacific Islander adults had a bachelor's degree or higher, as compared to 45 percent of White adults.
In 2020, 24 percent of Black employees and 24 percent of Hispanic employees report having been discriminated against at work, compared to 15 percent of White employees reporting discrimination at work. In the first quarter of 2022, the unemployment rate in the United States among White workers was 3.6 percent compared to 6.8 percent among Black workers and 4.9 percent among Hispanic workers. With regards to contracting, in 2021, 2.78 percent of Federal contracts were awarded to Asian-owned small businesses, 1.67 percent went to Black-owned small businesses, 1.78 percent went to Hispanic-owned small businesses, and 2.69 percent went to Native American-owned small businesses compared to 15.64 percent of Federal contracts awarded to White-owned small businesses.
In total, 9.4 percent of contracting dollars went to minority-owned businesses when 19 percent of United States employer businesses are minority-owned. In terms of access to capital, in 2021, 15 percent of Asian-owned small businesses received all the financing they sought, 16 percent of Black-owned small businesses received all the non-emergency financing they sought, and 19 percent of Hispanic-owned small businesses received all the non-emergency financing they sought, as compared to 35 percent of White-owned small businesses.
Given these disparities, the program established under section 8(a) of the Small Business Act ( 15 U.S.C. 637(a) ) remains a vital part in increasing access to Federal contracting opportunities for business owners considered socially and economically disadvantaged, as defined in such Act, and is a critical business development program for ensuring these individuals can start and grow their businesses to compete for Federal contracts.
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