U.S. Committee on Small Business & Entrepreneurship Chair Ben Cardin (D-MD) last week convened a hearing on the Biden administration’s Fiscal Year 2023 (FY2023) budget request for the SBA.
Specifically, the budget request proposes a $28 million increase in SBA funding to the SBA’s entrepreneurial development programs from $290 million in FY2022 to $318 million. The SBA’s Office of Entrepreneurial Development funds Small Business Development Centers (SBDCs) and Women’s Business Centers (WBCs) that help small businesses start, grow, and compete in global markets by providing quality training, counseling, and access to resources.
Biden’s proposal also calls for an increase to the SBA’s lending authority for the 7(a) loan program from $30 billion to $35 billion overall and an increase in funding for the SBA’s 504 loan program, long-term, fixed rate financing of up to $5 million for major fixed assets, from $7.5 billion to $9 billion.
Source: Biden Seeks Increase In SBA Funding To Expand Small Business Access To Capital
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