Restores $55 million in Trump Administration budget cuts to small business counseling and training programs
(Washington, DC) – Senator Ben Cardin (D-MD), the Ranking Member of the U.S. Senate Committee on Small Business & Entrepreneurship, today released the following statement after voting to support a long-term government funding bill with restored funding for the Small Business Administration (SBA):
“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,” said Senator Cardin. “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.”
Omnibus Appropriations Act of 2018
- The total amount of fiscal year 2018 funding for SBA is $887 million – the same funding level as fiscal year 2017. (This amount includes $186 million in SBA disaster loan funding that was approved by Congress earlier in the year).
- The SBA funding level 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 request of $834 million for fiscal year 2019.
- The approved legislation restores the Trump Administration’s proposed cuts to SBA’s core Entrepreneurial Development (ED) programs. ED programs including the Small Business Development Center network and SCORE offer free or low-cost counseling and training resources to small business owners.
- The legislation provides $247.1 million for ED programs – $54.7 million more than the Trump Administration requested in fiscal years 2018 and 2019.
Maryland Small Business Data
- There are 579,000 small businesses in Maryland (99.5 percent of Maryland businesses).
- Maryland small businesses employ 1.1 million people (50.3 percent of the private workforce).
(Source: SBA, Office of Advocacy; Maryland Small Business Profile 2017)