Small Business Administration’s budget request for fiscal year 2023 includes some major increases. The budget request has been approved by the Senate Small Business and Entrepreneurship Committee.
The budget increases can help small business owners seeking training and advice, or access to financing.
The proposal also increases the SBA’s lending authority by $6.5 billion.
As suggested by President Joe Biden, the total amount requested for the SBA budget is $1.06 billion. The budget for fiscal year 2022 was $1.03 billion.
Biden will speak on the SBA budget by delivering a pre-recorded message during a virtual summit Friday closing National Small Business Week. Here’s a highlight of his comments:
“Small businesses across America have shaped and embodied our nation’s entrepreneurial spirit and propelled our economy forward. Today, more than 32 million small businesses employ nearly half of the U.S. workforce and represent the hearts and souls of countless communities.”
Entrepreneurial Development Program Funds
The requested budget includes an increase for Entrepreneurial Development Programmes. The budget for 2023 is $318,000 million, an increase of $28 million from 2022.
The SBA manages 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 outreach and training, with the aim of expanding the geographic and demographic reach of the program.
The OED also oversees the programs for Small Business Development Centers and Women’s Business Centers.
Increase in SBA Loan Equity
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 (financial years).
The budget also increased the 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.
Follow us on Google News for the latest news.
This post Biden Proposes $1.06 Billion For SBA 2023 – Plus Loan Fund Increases was original published at “https://smallbiztrends.com/2022/05/biden-proposes-1-billion-small-business-administration-budget-2023.html”