SBA administrator testifies for full funding

SBA administrator testifies for full funding

WASHINGTON, D.C. (WDAM) - This is a news release from the U.S. Small Business Administration

Today, the head of the U.S. Small Business Administration (SBA), Administrator Maria Contreras-Sweet testified before the United States House Committee on Small Business regarding the FY 2016 budget. The Administrator highlighted her work to boost our nation's entrepreneurs, who are the backbone of the country's economy.

"The programs in this budget request have one thing in common: They seek to maximize opportunities for small business owners to create jobs and contribute their talents to our economy," Administrator Contreras-Sweet stated before the committee. "That's the agency's mission, and that's why I'm here. To accomplish this goal, we must continue our work to modernize the SBA, so we're accessible and relevant to the small business community in the 21st century."

For FY 2016, the SBA is requesting $860 million; three percent below the enacted FY 2015 budget, representing the agency's zero subsidy achievement. This budget requests an increase in the agency's 7(a) lending authorization to meet the growing demand for capital guaranteed by the agency. This year, the agency is asking for the highest authorization level yet of $21 billion, making even more capital available to Main Street.

This budget also seeks full funding for SBA resource partners. The counseling provided by Women's Business Centers, Small Business Development Centers, Veterans Business Outreach Centers, and SCORE partners helps entrepreneurs across America effectively deploy their capital to hire and grow.

This budget seeks a ten percent increase for veterans outreach programs. This would allow the agency to the Boots to Business entrepreneurial training program to the National Guard, Reserve component members, and additional military installations.

The full text of the Administrator's testimony is available at here.