Senate Approves $101 Million Budget Increase for Small Business Programs





Jun 04, 2008, 01:00 ET from U.S. Senate Committee on Small Business & Entrepreneurship

    WASHINGTON, June 4 /PRNewswire-USNewswire/ -- Today the Senate passed a
 Budget Resolution that supports $101 million in additional funding for
 small business programs that will benefit America's entrepreneurs. Senators
 John Kerry (D-Mass.) and Olympia J. Snowe (R-Maine), the Chairman and
 Ranking Member of the Senate Committee on Small Business and
 Entrepreneurship, worked with the leaders of the Budget Committee to secure
 the budget increase for the Small Business Administration (SBA), which adds
 $101 million over the President's request for 2009. The budget blueprint
 provides increased funding for Small Business Development Centers, Women's
 Business Centers, microloans, contracting assistance, veterans outreach
 programs, and technical assistance programs, and increases loan oversight
 while reducing oversight fees paid by lenders.
 
     "We're working to create jobs and steer our economy out of this
 slowdown," said Senator Kerry. "The best way to do that is by investing in
 small businesses, which create more than two-thirds of all jobs and employ
 over half of our workforce. For the second year in a row, the
 Democratic-led Congress has acted to reverse the Bush Administration's
 drastic cuts to small business programs. This budget shows our commitment
 to expanding the reach of small business financing programs, increasing the
 number of small businesses that can get business training, and unbundling
 contracts so small firms have a fair shot at doing business with the
 federal government."
 
     "I am so pleased that the Senate today approved a budget resolution
 that includes a long-overdue funding increase for the Small Business
 Administration," said Senator Snowe. "It is critical that the
 Appropriations Committee and full Senate act expeditiously to approve the
 funding included in the budget blueprint in forthcoming spending bills.
 Given that we are currently experiencing sluggish growth and that small
 businesses are the backbone of our nation's economy, creating 60 to 80
 percent of all new jobs, it is absolutely vital that Congress provide small
 enterprises with the access to capital and counseling services they require
 to compete in the global marketplace."
 
     The budget blueprint increases funding over the president's request
 for:
 
     Capital Programs
 
     * Greater oversight of lenders in the 7(a) program by providing $9
 million for lender oversight activities and dedicating $1.4 million to
 reduce 504 program fees. The 7(a) and 504 loan programs are the largest
 source of long-term capital for small businesses. These programs helped to
 create or retain over 824,000 jobs last year.
 
     * Increasing Microloan funding to $3.6 million (from zero) and
 Microloan Technical Assistance to $20 million (the President's budget
 sought to eliminate it). Last year, small businesses received more than $31
 million in microloans, proportionally helping more women and minorities
 than other programs.
 
     * New Markets Venture Capital to $5 million (from zero) and New Markets
 Technical Assistance to $5 million (from zero). These programs promote
 economic development and the creation of job opportunities through equity
 investments in low-income areas.
 
     Entrepreneurial Development and Outreach Programs
 
     * Small Business Development Centers to $105 million (from $87
 million). The 950 SBDC offices around the country provided counseling to
 600,665 businesses last year.
 
     * Women's Business Centers to $17 million (from $11.9 million). The 95
 Women's Business Centers, which provide business assistance to socially and
 economically disadvantaged women and men, last year helped 147,000
 businesses.
 
     * SCORE Program to $7 million (from $4.95 million). In the SCORE
 program, volunteers provide one-on-one counseling to small business owners.
 
     * Veterans Programs to $2.3 million (from $743,000).
 
     * Native American Outreach to $2 million (from $730,000).
 
     * U.S. Export Assistance Centers to $8 million (from $6.4 million).
 These centers help small businesses compete and succeed in the global
 marketplace.
 
     * Program for the Investment in Microentrepreneurs to $5 million (the
 President's budget proposal sought to eliminate it). PRIME provides
 training and business assistance to low-income and very low-income
 entrepreneurs.
 
     * Veterans Programs at SBDCs to $3.25 million. A veterans
 entrepreneurship bill signed into law in February 2008 established a grant
 program for SBDCs to provide more information to veterans about small
 business resources.
 
     * Energy Efficiency Programs at SBDCs to $3.25 million. The energy bill
 signed into law in December 2007 established a grant program for SBDCs to
 provide more information to small businesses about how to become more
 energy efficient.
 
     Contracting Programs and Assistance
 
     * Hiring additional Procurement Center Representatives to $11.6 million
 (from $6.6 million). PCRs monitor federal contracts and "break out"
 contracts for small firms.
 
     * 7(j) Technical Assistance Program to $5.5 million (from $1.5
 million). This program provides small disadvantaged businesses with
 training in financing, business development, management, accounting, and
 marketing.
 
     * HUBZones to $5 million (from $1 million). Historically Underutilized
 Business Zones create incentives for contracting with small firms to create
 jobs in underserved communities.
 
 
 

SOURCE U.S. Senate Committee on Small Business & Entrepreneurship
    WASHINGTON, June 4 /PRNewswire-USNewswire/ -- Today the Senate passed a
 Budget Resolution that supports $101 million in additional funding for
 small business programs that will benefit America's entrepreneurs. Senators
 John Kerry (D-Mass.) and Olympia J. Snowe (R-Maine), the Chairman and
 Ranking Member of the Senate Committee on Small Business and
 Entrepreneurship, worked with the leaders of the Budget Committee to secure
 the budget increase for the Small Business Administration (SBA), which adds
 $101 million over the President's request for 2009. The budget blueprint
 provides increased funding for Small Business Development Centers, Women's
 Business Centers, microloans, contracting assistance, veterans outreach
 programs, and technical assistance programs, and increases loan oversight
 while reducing oversight fees paid by lenders.
 
     "We're working to create jobs and steer our economy out of this
 slowdown," said Senator Kerry. "The best way to do that is by investing in
 small businesses, which create more than two-thirds of all jobs and employ
 over half of our workforce. For the second year in a row, the
 Democratic-led Congress has acted to reverse the Bush Administration's
 drastic cuts to small business programs. This budget shows our commitment
 to expanding the reach of small business financing programs, increasing the
 number of small businesses that can get business training, and unbundling
 contracts so small firms have a fair shot at doing business with the
 federal government."
 
     "I am so pleased that the Senate today approved a budget resolution
 that includes a long-overdue funding increase for the Small Business
 Administration," said Senator Snowe. "It is critical that the
 Appropriations Committee and full Senate act expeditiously to approve the
 funding included in the budget blueprint in forthcoming spending bills.
 Given that we are currently experiencing sluggish growth and that small
 businesses are the backbone of our nation's economy, creating 60 to 80
 percent of all new jobs, it is absolutely vital that Congress provide small
 enterprises with the access to capital and counseling services they require
 to compete in the global marketplace."
 
     The budget blueprint increases funding over the president's request
 for:
 
     Capital Programs
 
     * Greater oversight of lenders in the 7(a) program by providing $9
 million for lender oversight activities and dedicating $1.4 million to
 reduce 504 program fees. The 7(a) and 504 loan programs are the largest
 source of long-term capital for small businesses. These programs helped to
 create or retain over 824,000 jobs last year.
 
     * Increasing Microloan funding to $3.6 million (from zero) and
 Microloan Technical Assistance to $20 million (the President's budget
 sought to eliminate it). Last year, small businesses received more than $31
 million in microloans, proportionally helping more women and minorities
 than other programs.
 
     * New Markets Venture Capital to $5 million (from zero) and New Markets
 Technical Assistance to $5 million (from zero). These programs promote
 economic development and the creation of job opportunities through equity
 investments in low-income areas.
 
     Entrepreneurial Development and Outreach Programs
 
     * Small Business Development Centers to $105 million (from $87
 million). The 950 SBDC offices around the country provided counseling to
 600,665 businesses last year.
 
     * Women's Business Centers to $17 million (from $11.9 million). The 95
 Women's Business Centers, which provide business assistance to socially and
 economically disadvantaged women and men, last year helped 147,000
 businesses.
 
     * SCORE Program to $7 million (from $4.95 million). In the SCORE
 program, volunteers provide one-on-one counseling to small business owners.
 
     * Veterans Programs to $2.3 million (from $743,000).
 
     * Native American Outreach to $2 million (from $730,000).
 
     * U.S. Export Assistance Centers to $8 million (from $6.4 million).
 These centers help small businesses compete and succeed in the global
 marketplace.
 
     * Program for the Investment in Microentrepreneurs to $5 million (the
 President's budget proposal sought to eliminate it). PRIME provides
 training and business assistance to low-income and very low-income
 entrepreneurs.
 
     * Veterans Programs at SBDCs to $3.25 million. A veterans
 entrepreneurship bill signed into law in February 2008 established a grant
 program for SBDCs to provide more information to veterans about small
 business resources.
 
     * Energy Efficiency Programs at SBDCs to $3.25 million. The energy bill
 signed into law in December 2007 established a grant program for SBDCs to
 provide more information to small businesses about how to become more
 energy efficient.
 
     Contracting Programs and Assistance
 
     * Hiring additional Procurement Center Representatives to $11.6 million
 (from $6.6 million). PCRs monitor federal contracts and "break out"
 contracts for small firms.
 
     * 7(j) Technical Assistance Program to $5.5 million (from $1.5
 million). This program provides small disadvantaged businesses with
 training in financing, business development, management, accounting, and
 marketing.
 
     * HUBZones to $5 million (from $1 million). Historically Underutilized
 Business Zones create incentives for contracting with small firms to create
 jobs in underserved communities.
 
 
 SOURCE U.S. Senate Committee on Small Business & Entrepreneurship