March 16, 2017
Trump Supports Full Funding for SBA 7(a) and 504 in FY 2018
By Bob Coleman
Editor, Coleman Report
From the President’s FY 18 Budget Released this Morning
The President’s 2018 Budget requests $826.5 million for SBA, a $43.2 million or 5.0 percent decrease from the 2017 annualized CR level.
The President’s 2018 Budget:
• Supports more than $45 billion in loan guarantees to assist America’s small business owners with access to affordable capital to start or expand their businesses.
• Strengthens SBA’s outreach center programs by reducing duplicative services, coordinating best practices, and investing in communities that would benefit from SBA’s business center support. As a result, SBA would be better positioned to strengthen local partnerships and more efficiently serve program participants while achieving savings over the 2017 annualized CR level.
• Supports over $1 billion in disaster relief lending to businesses, homeowners, renters, and property owners to help American communities recover quickly in the wake of declared disasters. Through the disaster loan program, SBA is able to provide affordable, accessible, and immediate direct assistance to those hardest hit when disaster strikes.
• Achieves $12 million in cost savings from the 2017 annualized CR level through identifying and eliminating those SBA grant programs where the private sector provides effective mechanisms to foster local business development and investment. Eliminations include PRIME technical assistance grants, Regional Innovation Clusters, and Growth Accelerators.
• Provides training and support services for transitioning service members and veterans to promote entrepreneurship and business ownership. These programs help to fulfill the President’s commitment to support the Nation’s veterans by providing business counseling, lending, and contracting assistance.
• Maintains $28 million in microloan financing and technical assistance to help serve, strengthen, and sustain the smallest of small businesses and startups.
• Allows SBA to advocate and assist small businesses in accessing Federal contracts and small business research opportunities Government-wide