May 3, 2022
SBA Hot Topic Tuesday – Administrator Guzman Testifies for SBA FY23 Budget Requests
“President Biden’s fiscal year 2023 budget builds on the agency’s successes, honing our programs to make it easier for small businesses to grow—especially in communities and areas of our economy where they are needed most: expanding the supply of affordable childcare, constructing new renewable energy capacity, building generational wealth in underserved communities, positioning small businesses to serve as contractors in the buildout of modern infrastructure, and inventing—and bringing to market—powerful new technologies to address climate, cybersecurity, and so much more,” says Administrator Isabella Casillas Guzman.
Last week, Administrator Guzman testified before the Senate Committee on Small Business & Entrepreneurship during their “Oversight of the U.S. Small Business Administration” hearing. Here are the President Biden’s requestion that she discussed for the fiscal year 2023 budget request:
• 13% increase in small business capital for a total of $71 billion including a $5 billion increase for the 7(a) program, a $1.5 billion increase for the 504 program, and a $2 billion increase in authority for the secondary market guarantees for 7(a) loans.
• A transfer of $320 million from EIDL advance balances to COVID-EIDL loan servicing and other COVID-related programs.
• $179 million requested in disaster funding.
• Expand the Veterans Business Outreach Center Program from 22 to 34 locations nationwide.
• $20 million to support the transfer of the Center for Verification and Evaluation from the Department of Veterans Affairs to the SBA.
• $5 billion for the SBIC program along with $10 million to Growth Accelerators, Regional Innovation Clusters, and $10 million to the Federal and State Technology Partnership Program.
• A $6.3 million increase to $9.8 million to scale up training for disadvantaged businesses to better prepare for federal contracting opportunities.
• Requesting $3318 million, a 17% increase, for Entrepreneurial Development programs.
• $346 million to support hiring and retaining talent at the SBA.
“We have helped spark a historic resurgence in American entrepreneurship. The President’s budget framework taps into the entrepreneurial spirit to position small businesses at the forefront of our nation’s rebuilding and as the foundation for America’s greatest economy yet,” finishes Guzman.