Virginia House Bill HB2490

Virginia 2025 Regular Session

• Introduced: 1/8/25
• Refer: 1/8/25

Caption

Small business set-asides; Department of Small Business and Supplier Diversity to study.

Impact

The intended impact of HB2490 is to reinforce the role of small businesses in the state's economy. By assessing the current set-aside programs, the legislation seeks to identify enhancements that can increase participation among diverse small businesses—including those owned by women and minorities—in government contracts. The findings from the study are expected to guide future policies that might be implemented to remove barriers that small businesses currently face, thereby facilitating their access to larger markets and ensuring they can contribute significantly to job creation and economic diversification.

Summary

House Bill 2490 aims to direct the Department of Small Business and Supplier Diversity to conduct a comprehensive study of small business set-asides within government contracting. This measure is designed to evaluate both the effectiveness of set-asides in fostering growth for small businesses and their overall contribution to economic development in the Commonwealth of Virginia. Any statistical data and case studies collected as part of this study will be crucial in understanding the current state of small businesses in the context of government contracts.

Contention

While the bill is primarily a study directive, some points of contention may arise regarding the scope and efficacy of current governmental support mechanisms for small businesses. Supporters of the bill may argue that increasing set-aside opportunities is crucial for the economic empowerment of marginalized groups. Conversely, critics might raise concerns about the effectiveness of set-aside programs and whether they genuinely lead to growth or merely comply with regulatory frameworks without producing meaningful outcomes. The study's results, due by November 30, 2025, could spark further debates depending on its findings and recommendations.