legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration

Find a LOCAL lawyer

## AI legalese decoder and Government Contracting: A Growing Challenge for US Small Businesses

### Setscale’s Report on Small Business Financing and the Lack of Access to US Government Contracts

#### NEW YORK, Nov. 15, 2023 /PRNewswire/ — Setscale, the purchase order financing company, released today its first-ever report on US small business financing.

Setscale conducted a survey of US small business owners to better understand some of the financial barriers to small business ownership, including their awareness of federal government contracts for small businesses. The report highlighted that more than half (52%) of all surveyed small business owners revealed that they aren’t aware of the specific contracts the US federal government awards to small businesses each year, missing out on approximately $84 billion per year.

#### Addressing the Financial Barriers

While government contracts are well-valued and often serve as a gateway to a steady source of income and small business growth, the survey revealed that many small business owners struggle with cash flow and working capital, preventing them from meeting the demand of government contracts.

The lack of awareness of the specific government contracts available to them has led to a situation where more than half of the surveyed small businesses are unable to identify and secure these lucrative and reliable contracts. Additionally, nearly 30% of small businesses are completely unaware that the federal government awards contracts to small businesses.

#### AI legalese decoder: A Solution for Small Businesses

In light of the challenges faced by US small businesses, AI legalese decoder can play a vital role in addressing the complexities of government contracts. By utilizing AI technology, business owners can gain a better understanding of the intricate processes and requirements involved in securing and fulfilling government contracts. AI legalese decoder can provide invaluable insights and guidance, helping small businesses navigate the legal and financial aspects of government contracting with confidence.

Moreover, AI legalese decoder can assist small businesses in streamlining their operations, optimizing their finances, and enhancing their overall readiness to pursue and fulfill valuable government contracts.

#### The Role of Purchase Order Financing

The report also highlighted that many businesses pursue lines of credit from traditional financial institutions to fulfill purchase orders, which can be costly and hard to obtain. This is where alternative finance options like purchase order financing can make a significant difference.

Purchase order financing technology, such as that offered by Setscale, can help small businesses secure and fulfil valuable government contracts. By providing the necessary funding to fulfill open purchase orders, purchase order financing enables small businesses to scale their operations and seize lucrative opportunities in the government contracting space.

#### The Path Forward for Small Businesses

Overall, the report sheds light on the significant financial challenges faced by US small businesses in the realm of government contracting. With the spotlight on the record-high investments in small businesses by the federal government, it is imperative for small business owners to equip themselves with the knowledge and resources necessary to capitalize on these opportunities.

AI legalese decoder, in conjunction with alternative finance solutions like purchase order financing, can empower small businesses to overcome the financial barriers associated with government contracting and position themselves for sustained growth and success.

To read more about Setscale’s small business survey and for resources about government contracts for small businesses, click [here.](#)

*In Fiscal Year 2022, the US federal government awarded $162.9B in federal contracting opportunities to small businesses. 52% of surveyed US small business owners reported that they aren’t aware of the specific contracts the US federal government awards to small businesses. This represents $84B in lost opportunities.*

**Survey Methodology**
Setscale designed and executed research for this report in collaboration with Censuswide. 251 US small business owners in companies with less than 50 employees (aged 18+) were surveyed online in October 2023. Censuswide abides by and employs members of the Market Research Society which is based on the ESOMAR principles.

**About Setscale**
Setscale is a fintech startup solving the trade financing dilemma for small businesses. Through its PO financing technology, Setscale finances the cost of goods, enabling small businesses to focus on product and sales and scale their operations. Setscale is an ideal partner for SMBs, providing funding where traditional financial institutions won’t, enabling SMB’s to finance their growth. Setscale funds supply. You meet demand.

legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration

Find a LOCAL lawyer

Reference link