Small businesses stand to receive a larger share of the U.S. government’s $400 billion in annual procurement funds under legislation recently passed by the U.S. House of Representatives, Business First of Buffalo reported.

The bill, which passed overwhelmingly on May 10, would increase the government’s goal for small business contracting to 30 percent from 23 percent. In addition, it would boost the percentage of contracts awarded to women- and minority-owned businesses to 8 percent each, up from 5 percent, and add a 5 percent goal for contracts with environmentally friendly businesses.

The bill is sponsored by Iowa Rep. Bruce Braley, a Democrat from Waterloo representing the state’s 1st Congressional District. The U.S. Senate plans to discuss similar legislation later this year, but the Bush administration opposes the bill, saying that a goal of 30 percent is “unrealistic.”