LONG BEACH (CNS) – More than $55 million in port spending in the last fiscal year went to small businesses in Long Beach, exceeding goals to broaden opportunities for such companies by 15%, officials announced Tuesday.
The Port of Long Beach reported that almost 42% of port funds were spent on eligible contracts through its Small Business Enterprise Program for the purchase of materials and services from “small business enterprises” and “very small business enterprises.”
“The SBE program provides opportunities to a wider, more diverse range of local contractors, suppliers and other businesses, which strengthens the local economy,” Port of Long Beach CEO Mario Cordero said in a statement. “As an additional benefit, we believe this practice also increases competition for tens of millions of dollars in public contracts each year, resulting in better outcomes and even more value.”
In 2023, about 41.8% of small and very small businesses received contracts with the port, the second-highest level recorded since the program began in 2004, trailing only the 48.9% in 2022.
Spending on small business contracts rose year-over-year from $54.2 million to $55.7 million, according to port officials. Additionally, small business participation at the port is 27% higher than at other harbor agencies.
“The Port of Long Beach is a job creator for our community and beyond, but we recognize it’s not enough to merely serve as an economic engine,” Long Beach Harbor Commission President Bonnie Lowenthal said in a statement. “This program was created to ensure there’s a place for smaller companies to benefit from the economic opportunities.”
The U.S. Small Business Administration classifies “small business” based on annual receipts and the number of employees, which can vary by industry. The very small business eligibility is equivalent to the state of California’s microbusiness designation — businesses with $5 million or less in annual gross sales, averaged over the last 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.”
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