Biden Proposes $1.06 Billion for SBA 2023 – Plus Increases in Loan Funding

The Small Business Administration’s budget request for fiscal year 2023 includes large increases. The budget request has been approved by the Senate Committee on Small Business and Entrepreneurship.

Budget increases could help small business owners seeking training and advice or access to finance.

The proposal also increases SBA lending authority by $ 6.5 billion.

As proposed by President Joe Biden, the total amount requested for the SBA budget is $ 1.06 billion. The budget for fiscal year 2022 was $ 1.03 billion.

Biden will talk about the SBA budget by sending a pre-recorded message during a virtual summit on Friday that closes National Small Business Week. Here is a summary of his statements:

“America’s small businesses have shaped and embodied our nation’s entrepreneurial spirit and driven our economy. Today, more than 32 million small businesses employ nearly half of the U.S. workforce and represent the heart and soul of countless communities. “

Entrepreneurial Development Program Fund

The requested budget includes an increase in Entrepreneurial Development Programs. The 2023 budget is $ 318 billion, up $ 28 million from 2022.

The SBA manages the Entrepreneurial Development Programs (OEDs) of its Office of Economic Development. SCORE (Service Corps of Retired Executives) is an OED resource partner.

The funds would be used to expand outreach and training, with the goal of expanding the geographic and demographic reach of the program.

The OED also oversees the programs of small business development centers and women’s business centers.

Increased SBA lending capacity

The requested budget increases the SBA’s lending authority for loan program 7 (a) by $ 5 billion. The increase goes from $ 30 billion in 2022 to $ 35 billion in 2023 (fiscal years).

The budget also increased the SBA’s lending authority for other loan programs by $ 1.5 billion. The increase goes from $ 7.5 billion in 2022 to $ 9 billion in 2023.

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