March 13, 2023
Main Street Monday – $58 Billion Budget for SBA Programs in Fiscal Year 2024
“Small businesses are the giants of our economy, and the source of our most innovative and important technological, cultural and social advancements,” says Administrator Isabella Casillas Guzman. “Yet, while many entrepreneurs are already rebounding from the pandemic, others — particularly those in underserved communities — are still struggling to recover. That’s why this budget is so essential to American small business owners. It not only addresses some longstanding barriers to accessing capital, it also provides additional support and resources they need to thrive.”
On March 9, the President’s Budget for Fiscal Year 2024 was released. The budget outlines funding for various SBA lending programs to support historic lending levels and expand access to capital and other resources for small business owners. Here are the SBA allocations in the Budget.
- Almost $58 billion in funding for SBA programs including the 7(a) loan program, 504 loan program, Small Business Investment Company (SBIC) program, and the Microloan program. The authorized lending level for the SBIC program would be increased by 20% to $6 billion.
- $30 million is provided for the Community Navigator Pilot Program to continue its work on reducing barriers to starting a business and expanding access to business counseling and training resources.
- Another $30 million will support the SBA’s Growth Accelerator, Regional Innovation Cluster, and Federal and State Technology Partnership Program. Small business entrepreneurs can receive access to tools, networks, and services they need to commercialize their innovation and bring solutions to the market.
- $20.5 million is going to the implementation of the Veteran Small Business Certification program in order to expand small business contracting opportunities for veterans.
- $10 million will help small businesses navigate climate change impacts and give small businesses the ability to access and participate in the clean energy economy.