By Nick Hershey
Today Enigma released our Government Contracts attribute. This data reveals billions of dollars in stable revenue and timely signal on small business resiliency.
Government contracts must be publicly disclosed whenever a city, state, or federal government agency pays a business for work or goods. The disclosed information details the contracted business’s name, address, the dollar amount awarded, and the contract’s start and end dates.
Leading indicators of small business stability can be hard to come by, given that small businesses have limited data footprints. Enigma’s Government Contracts data provides a rare view into pre-committed revenue for these businesses. The presence of a government contract signals that a business is more likely to be stable, and perhaps even growing. This data is valuable whenever a lender needs to identify resilient small businesses — you can apply this data for credit risk monitoring to surface less risky customers, and you can also use it for marketing lead segmentation to target healthier businesses.
For now, the beta dataset covers all New York City contracts, which includes $260 billion awarded to 11,000 businesses since 2003. Over the past five years, New York City agencies have distributed contracts totaling around $15 billion annually. This dataset already reveals the impact of COVID-19. The Agency of Health and Mental Hygiene, NYC’s second highest-granting agency, awarded $49 million in contracts in March 2020 alone, more than double the $24 million awarded in March 2019.
We know many lenders are working every day to address the challenges presented by COVID-19. To ensure you have the data you need today, we are offering free, unlimited use of this data through June 1, 2020.
To start using our Government Contracts data, please get in touch to request access via our API. The Enigma Businesses API enables you to determine whether a business, or list of businesses, has secured contracts with an NYC government agency and will surface all available contract details. We look forward to learning how you apply this data and welcome any feedback.
Interested in another dataset besides Government Contracts? Please send us your requests.
Originally published at https://enigma.com on April 21, 2020.