Small Business Finance News

Small Business Committee Reviews Proposed SBA Budget

Written by Jenna Weiner
Published: 4/27/2010

A hearing has been held to review the proposed budget for the U.S. Small Business Administration.

U.S. Senator Mary L. Landrieu, Chair of the Senate Committee on Small Business and Entrepreneurship, held a hearing this week on the Obama administration's proposed budget for the Small Business Administration.

Entrepreneur Cash Register

As part of the hearing, SBA Administrator Karen Mills testified before the Small Business Committee to describe the agency's priorities and give an overview of the budget request. The request calls for an increase in funding to the agency by $170 million from the enacted level last year.

Senator Landrieu said small businesses "pump almost a trillion dollars into the economy, create 13 times more patents per employee than large firms, and have traditionally created two-thirds of our nation's new jobs." She explained that the new budget "seeks to rebuild the SBA," bringing its influence back to where it was about 10 years ago.

Included in the budget request are $164.5 million to prevent fee increases on 7(a) loans and a new emphasis on support and oversight of the Small Business Innovation Research program. This is potentially encouraging news for small business owners, whose companies could receive up to $750,000 through SBIR if they show development progress.

Share this article


About Our News for Entrepreneurs

If you enjoyed this article, you can find plenty more like it on our site. We cover important news stories for small business owners. In addition to breaking news for entrepreneurs, we also have tons of how-to articles that cover things like writing a business plan, preparing a marketing plan, selling a business and much more.

Additional Resources for Entrepreneurs

Lists of Venture Capital and Private Equity Firms

Franchise Opportunities


Business Glossary