The Small Business Administration budget request for fiscal year 2023 includes some big increases. The budget request has been passed by the Senate Committee on Small Business and Entrepreneurship.
The increases to the budget could aid small business owners who are seeking training and counseling, or access to funding.
The proposal also increases the SBAs lending authority by $6.5 billion.
As proposed by President Joe Biden, the total requested amount for the SBA budget is $1.06 Billion. The fiscal year 2022 budget was 1.03 billion.
Biden will speak about the SBA budget by delivering a prerecorded message during a virtual summit Friday that closes National Small Business Week. Here’s a peak at his remarks:
“Small businesses across America have shaped and embodied our Nation’s entrepreneurial spirit and driven our economy forward. Today more than 32 million small businesses employ almost half of America’s workforce and represent the heart and soul of countless communities.”
Entrepreneurial Development Program Funds
The requested budget includes an increase for Entrepreneurial Development Programs. The 2023 budget is $318,000 million, an increase of $28 million from 2022.
The SBA runs the Entrepreneurial Development Programs from its Office of Economic Development (OED). SCORE (Service Corps of Retired Executives) is a resource partner of the OED.
The funds would be used for expanded outreach and training, with the goal of expanding the program’s geographic and demographic reach.
The OED also oversees the Small Business Development Centers and Women’s Business Centers programs.
Increase in SBA Loan Ability
The requested budget increases the SBA lending authority for the 7(a) loan program by $5 billion. The increase is from $30 billion in 2022 to $35 billion in 2023 (fiscal years).
The budget also increased SBA lending authority for other loan programs by $1.5 billion. The increase is from $7.5 billion in 2022 to $9 billion in 2023.
For the latest, follow us on Google News.
Image: Depositphotos
