SBA Budget Approved by Appropriations CommitteeSeptember 20, 2011
The U.S. Senate Committee on Appropriations recently approved legislation appropriating $955.3 million for the U.S. Small Business Administration (SBA) for Fiscal Year (FY) 2012. The amount is only three percent less than the $985 million budget request of President Barack Obama. If approved by the full Senate, this would grant the SBA 30 percent more funding than the FY 2011 continuing resolution of $731 million.
The bill includes increased funding for the 7(a) and 504 loan programs from $80 million in FY 2011 to $211.6 million for 2012. This is expected to leverage about $25 billion in loans, without an increase in fees.
The legislation also provides steady funding for the SBA’s core counseling and contracting assistance programs–a small-business victory in the current budgetary environment–and $2 million for the SBIR Federal and State Technology Program. SBA’s Disaster loan program received its full $167 million in administrative funding through the legislation, a key priority of Sen. Mary Landrieu (D-La.), chair of the U.S. Committee on Small Business and Entrepreneurship.
The full Senate still must approve the legislation. Currently, none of the 12 regular appropriations bills have been approved. The House has passed six appropriations bills, while the Senate only has approved the Military Construction/Veteran’s Affairs appropriations bill.