U.S. Sen. Edward Markey (D-MA) took exception to cuts proposed by the Trump administration to the Small Business Administration (SBA) budget for Fiscal Year 2027 (FY27).
President Donald Trump’s proposed FY27 budget cuts funding for the SBA by 67 percent from the previous year, said Markey. In addition, it would eliminate 15 of the 16 entrepreneurial development programs that provide services to nearly 1 million small businesses per year, including historically underserved entrepreneurs such as women and minorities.
In addition, said Markey, the budget limits access to SBA loans for small businesses by creating a new fee that will ultimately increase costs for small business borrowers. New limits on SBA lending will only exacerbate the 32 percent decline in SBA lending through its main lending program, the 7(a) Loan Program, because of Trump’s lending restrictions. In addition, it would eliminate funding for the Minority Business Development Agency (MBDA).
“Once again, the Trump administration is showing that it is actively working against America’s 36 million small businesses. Trump’s proposed cuts to the SBA are a nightmare for Main Street. Trump and Administrator Loeffler have chosen to eliminate resources that help make the American dream a reality for all, especially for those who face barriers to entry and endure discrimination, such as women and minority entrepreneurs. This administration is taking an axe to the federal resources and funding that helps small businesses grow and thrive. And this administration refuses to listen when Main Street says they’ve had enough of Trump’s reckless economic policies, turning Main Street into Pain Street,” Markey, the ranking member on the Senate Small Business and Entrepreneurship Committee, said.
Markey called for the restoration of funding for the bipartisan programs to help small businesses.
“Instead, he’s decided to triple-down and make Pain Street permanent,” Markey said.