Bipartisan Senate Bill Gives SBA a $61 Million Increase in Funding

August 6, 2024

Delaney Sexton
Contributing Editor

Bipartisan Senate Bill Gives SBA a $61 Million Increase in Funding

“I’m thrilled to see major funding increases for the SBA benefiting nearly every key program, including the Small Business Development Centers, the State Trade Expansion Program and the Microloan Program. These are crucial investments that will directly support the growth and success of our small businesses,” says Chair of the U.S. Committee on Small Business, Senator Jeanne Shaheen. 

Senator Shaheen voted to advance the Fiscal Year 2025 Financial Services and General Government (FSGG) Appropriations bill which would provide $1.6 billion for SBA. That is a $61 million increase from fiscal year 2024. The entire Appropriations Committee voted in favor of the legislation.

The bill provides a $10 million increase in funding for the SBA Office of Inspector General, bringing the OIG’s appropriations to $47 million. Chair Shaheen sent a letter to the FSGG committee requesting adequate appropriations for the SBA OIG in November 2023, and this request was met.

Chair Shaheen also advocated for small business development centers (SBDCs) and entrepreneurial development (ED) programs. SBDCs were originally at risk of taking a $19 million funding cut, but the FY25 FSGG bill instead offers a $3 million increase for SBDCs. The Veterans’ Outreach programs will receive a $500,000 increase. The Women’s Business Centers and SCORE are each given a $1 million increase.

The bill emphasizes the need for SBA district office staffing to support small businesses. There is a provision in the bill that requires SBA to fill vacant positions at SBA district offices.

There is a $1 million increase in funding for Microloan Technical Assistance and the State Trade Expansion Program (STEP).

Source:
Senate Committee on Small Business & Entrepreneurship Press Release