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Thursday, Apr 25, 2024

SBA Proposes Increased Budget

The proposed fiscal 2008 budget for U.S. Small Business Administration calls for an increase in spending on loan funding and disaster loan funding as well as SBA administration, reduced loan fees and a continuation of the SBA’s Microloan program, the agency said today. The budget authorizes a level of $17.5 billion for the guaranteed loan program and $7.5 billion for the Certified Development Company or 504 loan program. Although the proposal calls for a continuation of the microloan program, it also proposes discontinuing technical assistance funding for microlenders, which under the current proposal would instead work with existing groups such as the Women’s Business Centers for technical assistance. The budget also proposes $990,000 for the Drug Free Workplace Program, $743,000 in funding for the Women’s Business Council and an 86-employee boost in SBA staffing and other increases. All told, the budget sets spending for the 2008 fiscal year at $814 million, a 5 percent increase over the total 2006 appropriations excluding disaster and Congressional initiatives, and a 12 percent increase in the core operating budget, the agency said.

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