Small Business Finance News
Small Business Committee Reviews Proposed SBA Budget
Written by Jenna Weiner
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.
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.
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