Another Hefty Increase in SBA FY11 Budget Proposal
Feb 8th, 2010 | By Dawn Rivers Baker | Category: Politics & PolicyPresident Obama may have proposed a three-year freeze on discretionary spending but among those items he considers worthy of increased investment is the U.S. Small Business Administration. The President’s budget proposal for fiscal 2011 includes an increase of $170 million for the SBA, which would bring the agency’s budget up to $994 million. Those on Capitol Hill who might have been expected to be happy about this budget proposal, were, and those who might have been expected to be unhappy about this budget proposal, also were. No surprises here.
In terms of the SBA’s greatest hits, this budget supports $17.5 billion in 7(a) loans and $25 million in Microloans; it provides $10 million for Microloan technical assistance, $113 million for the Small Business Development Centers and $14 million for Women’s Business Centers; and $3.5 million for the PRIME grant program. Under the category of “Possibly Interesting New Stuff,” the President’s budget also provides for $11 million in funding “to support the job growth potential found in regional clusters of businesses.” It’s difficult to say what, exactly, this means but it may be worth watching. The next movement in this annual dance begins later this week when the House Small Business Committee is scheduled to hold its FY2010 budget hearing. As of deadline, the Senate counterpart hearing has not yet been scheduled.
