Biden budget calls for $987M for SBA programs in fiscal 2024

Increases for counseling, veteran contracting and more

      President Joe Biden’s proposed budget for fiscal 2024 includes $987 million in discretionary budget authority for the Small Business Administration.

      There are increases planned for counseling and training, veteran contracting opportunities, and for small business lending and innovation, the White House announced March 9.

      However, the budget is very unlikely to be approved in its current form by the GOP-led House.

      Full details on the requests for SBA’s programs were not yet available.

      The White House’s proposal highlighted expanded funding in four SBA program areas:

• Counseling and Training: The request includes $30 million for the Community Navigator Pilot Program, in which SBA engages with state and local agencies and other organizations to reach out to underserved communities.
• Opportunities for Veterans: The request includes $20.5 million to continue support for SBA’s Veteran Small Business Certification Program that debuted in January 2023.
• Access to Capital: There is nearly $58 million proposed for SBA’s small business lending programs, and the president is seeking to increase the authorized lending level for Small Business Investment Companies (SBICs) by 20%, allowing for up to $6 billion in total SBIC lending;
• Support for Innovators: The request includes $30 million to support SBA’s Growth Accelerator Fund Competition, Regional Innovation Clusters and the Federal and State Technology (FAST) Partnership Program.

      According to SBA Administrator Isabella Casillas Guzman, the request also includes $10 million to help small firms access clean energy and programs for climate resiliency, she said in a news release.

      Overall, Biden requested $1.7 trillion, including $885 for defense and $809 for non-defense discretionary programs. Due to its tax increases for corporations and for people earning over $400,000 a year, the budget is projected to reduce the US deficit by $3 trillion in 10 years.

More Information:
Budget request: https://bit.ly/3ZYai68

Biden budget calls for $987M for SBA programs in fiscal 2024

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