Small Business Administration Administrator Guzman Applauds President Biden’s Fiscal Year 2024 Budget

The Biden-Harris Administration recently released the President’s Budget for Fiscal Year 2024, which provides a roadmap to grow the economy from the bottom up and middle out, lower costs for families, protect and strengthen Medicare and Social Security, and reduce the deficit by ensuring that the wealthy and big corporations pay their fair share. The U.S. Small Business Administration’s (SBA) Administrator Isabella Casillas Guzman has praised the President’s budget, which reflects the administration’s deep belief in realizing opportunities for all to achieve and live the American dream of business ownership.

Expanding Counselling and Training Resources

The Budget provides $30 million for the Community Navigator Pilot Program, which leverages community organizations to reduce barriers for starting a business and expand access to business counselling and training resources for veterans, women, rural communities, and communities of color. This will help small businesses in underserved communities to recover from the pandemic and access the resources they need to thrive.

Broadening Access to Capital for Small Businesses

The Budget supports historic lending levels across the 7(a), 504, Small Business Investment Company (SBIC), and Microloan programs. The nearly $58 billion in lending provided in the Budget would address the need for greater access to affordable working and fixed capital, particularly in underserved communities. Increasing the authorized lending level for the SBIC program by 20 percent to $6 billion would significantly expand the availability of venture capital funding for small businesses.

Bolstering Support for Innovators

The Budget provides $30 million to support SBA’s Growth Accelerator, Regional Innovation Cluster, and the Federal and State Technology Partnership Program to provide entrepreneurs at various technical readiness levels with a network of technical assistance providers, including accelerators, state and local economic development agencies, colleges and universities, and other technology-based economic development entities. This technical assistance provides small business entrepreneurs access to the tools, networks, and services they need to commercialize cutting-edge innovation and bring solutions to the market.

Expanding Opportunities for Veterans

In January 2023, SBA began accepting applications for the Veteran Small Business Certification Program to expand small business contracting opportunities for veterans. The Budget provides $20.5 million to continue building on the successful implementation of the program and to ensure that veteran and service-disabled veteran-owned small businesses have access to business opportunities across the Federal Government.

Helping Small Businesses Navigate Climate Change Impacts

The Budget provides $10 million to help small businesses access and participate in the clean energy economy, as well as become more resilient to climate change. This investment will enable small businesses to become more environmentally sustainable while also creating new business opportunities.

Concluding Thoughts

The President’s Budget for Fiscal Year 2024 provides much-needed resources for small businesses to recover and thrive in the aftermath of the pandemic. The investments in counselling and training resources, access to capital, innovation support, and opportunities for veterans and clean energy participation will help to ensure that small businesses can reach their full potential. As the SBA Administrator Isabella Casillas Guzman noted, this budget is not just about numbers; it reflects the Biden-Harris Administration’s deep belief in realizing opportunities for all Americans to achieve and live the American dream of business ownership.

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