WASHINGTON – Today Sen. John Kerry (D-Mass.) said the President’s proposed budget for the Small Business Administration (SBA) is insufficient for meeting the needs of Massachusetts small businesses and falls short of repairing the deep cuts to the agency over the last seven years. The proposed Fiscal Year 2008 budget represents a 45 percent cut since the Bush Administration took over in 2001 and a 32 percent decrease when not counting disaster loan funding. The President’s request of $464 million for the SBA is only .02 percent of the entire $2.9 trillion budget.
“Massachusetts small business owners have what it takes to develop innovative technologies and services to make our economy stronger. But what they need is a little bit of muscle from the business counseling and finance programs at the SBA to grow and succeed,” said Kerry, Chairman of the Committee on Small Business and Entrepreneurship. “Unfortunately, the President’s budget proposal still lacks sufficient funding levels to really leverage the resources this agency has to help our state’s entrepreneurs.”
Kerry noted the lack of funding for the Microloan Program and the lack of new funding for the Disaster Loan Program as two areas of concern in the proposed budget. Additionally, this budget proposal will reduce the services and counseling and outreach programs important in Massachusetts, like Small Business Development Centers, Women’s Business Centers, Program for Investment in Microentrepreneurs, and technical assistance programs.
Specifically, the proposed 2008 budget:
“Massachusetts small business owners have what it takes to develop innovative technologies and services to make our economy stronger. But what they need is a little bit of muscle from the business counseling and finance programs at the SBA to grow and succeed,” said Kerry, Chairman of the Committee on Small Business and Entrepreneurship. “Unfortunately, the President’s budget proposal still lacks sufficient funding levels to really leverage the resources this agency has to help our state’s entrepreneurs.”
Kerry noted the lack of funding for the Microloan Program and the lack of new funding for the Disaster Loan Program as two areas of concern in the proposed budget. Additionally, this budget proposal will reduce the services and counseling and outreach programs important in Massachusetts, like Small Business Development Centers, Women’s Business Centers, Program for Investment in Microentrepreneurs, and technical assistance programs.
Specifically, the proposed 2008 budget: