(Washington, D.C.) — U.S. Committee on Small Business & Entrepreneurship Chair Ben Cardin (D-Md.) today convened a hearing on the Biden administration’s Fiscal Year 2023 (FY2023) budget request for the U.S. Small Business Administration (SBA). SBA Administrator Isabella Casillas Guzman testified before the committee to detail how the administration’s $1.06 billion request—a $26 million increase—would help the SBA support small businesses still struggling through the pandemic; expand entrepreneurial and capital opportunities; and accomplish its priorities.
“Administrator Guzman, I am very pleased that the administration’s budget request doubles down on the lessons learned during the pandemic,” Cardin said during his opening statement. “In particular, I believe that the administration’s request to increase funding for the SBA’s entrepreneurial development programs would help create the strong entrepreneurial ecosystems that small businesses need to succeed.”
“President Biden’s budget request for Fiscal Year 2023 builds on the incredible progress we have made since the start of the Biden-Harris administration: building bridges of equity and opportunity across America; and, opening doors for more small businesses to grow with access to capital, networks, training, innovation, and government contracting,” Administrator Guzman said during her opening statement. “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.”
The Biden administration’s FY2023 budget request will allow the SBA to make progress on the administration’s small business goals, which include:
- ensuring equitable design and delivery of programs;
- building resilient businesses and a sustainable economy; and
- implementing strong stewardship of resources.
Specifically, the budget proposes a $28 million increase in funding to the SBA’s entrepreneurial development programs from $290 million in FY2022 to $318 million, and it proposes an increase to the SBA’s lending authority for the 7(a) loan program from $30 billion to $35 billion. The budget also proposes a funding authority increase to the SBA’s 504 loan program from its traditional $7.5 billion funding level to $9 billion.