Sen. Ben Cardin (D-MD), ranking member of the U.S. Senate Committee on Small Business & Entrepreneurship, voiced his support for plans to restore funding for the Small Business Administration (SBA) in the federal budget.
“Small business owners are the backbone of the American economy. They create the majority of new jobs, and they are key to driving innovation and helping maintain our competitive edge,” Cardin said. “The Trump Administration’s proposal to slash funding for SBA was wrong and short-sighted. These cuts would undermine SBA and the valuable capital, counseling, and contracting programs it offers Maryland small businesses. I’m pleased this spending bill reverses these harmful cuts, but Congress must remain vigilant and ensure SBA is properly funded and ready to support America’s vibrant small business community.”
In the $1.3 trillion spending plan approved by Congress last week, the budget for the SBA in fiscal year 2018 is $887 million, which is the same as 2017. This is $60.5 million more than the Trump Administration’s request of $826.5 million for fiscal year 2018 and $53 million more than the Administration’s request of $834 million for 2019, Cardin said.
Specifically, the legislation provides $247.1 million for Entrepreneurial Development (ED) programs – $54.7 million more than the Trump proposal. The ED programs offer free or low-cost counseling and training resources to small business owners.