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President Obama’s Budget Priorities for Small Businesses

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President Obama’s Budget Priorities for Small Businesses

By Marianne Markowitz, Former Acting SBA Administrator
Published: March 4, 2014 Updated: March 4, 2014

The Obama Administration has made small businesses a priority since the day the president stepped into office. He has cut taxes for small businesses 18 times and has raised the position of SBA administrator to Cabinet-level. Under President Obama, SBA has improved opportunities for small businesses to start and grow.  SBA has supported over $130 billion in lending to more than 225,000 businesses and nearly $380 billion in federal contracts went to small business over the past five years. Small businesses are a big part of this economic recovery.

President Obama wants to build on that solid foundation. The FY 2015 federal budget submission builds on SBA’s proven track record of assisting America’s small businesses by increasing and improving access to capital, federal contracting opportunities, entrepreneurial development, and disaster assistance.  The budget submission also focuses on America’s long-term competitiveness by improving the entrepreneurial ecosystem to ensure small business owners and entrepreneurs are well positioned to take advantage of new opportunities and new markets as the economy improves.

President Obama’s budget submission will give SBA the capacity to:

  • support more than $32.5 billion in small business financing;
     
  • deploy nearly $4 billion in long-term investment capital;
     
  • provide over $1 billion in loans to disaster victims;
     
  • facilitate access to over $80 billion in federal contracting;
     
  • counsel and train over one million small business owners through a nationwide network of   resource partners;
     
  • increase support for exporters, start-ups, veterans, and supply chains;
     
  • continue in to waive upfront and annual fees on all 7a small business loans of $150,000 or less;
     
  • continue to waive upfront fees on SBA Express loans to veterans between $150,000 and $350,000, and a 50 percent waiver of upfront fees on all non-SBA Express loans to veterans above $150,000;
     
  • expand the Impact Investment Initiative to include loans to innovative, advanced manufacturing businesses; and
     
  • propose how to help bridge the financing gap to scale up advanced manufacturing technologies through the Opportunity, Growth, and Security Initiative

At SBA, we know there is more to do and we will keep fighting to help small businesses every day so they can start, succeed and grow. This budget submission ensures that America’s 28 million small businesses have access to the tools they need to support our growing economy and a strong middle class.

About the Author:

Marianne Markowitz

Former Acting SBA Administrator

Marianne Markowitz is the Acting Administrator of the U.S. Small Business Administration. The SBA helps both Main Street and high-growth small businesses get access to capital, counseling, federal contracts, disaster assistance and more.

Comments:

I read that President Obama's FY 2015 budget requests called for a 22 percent decrease in the SBA's budget. Is that incorrect? http://www.govexec.com/management/2014/03/fiscal-2015-budget-winners-and-losers/79807/
With all due respect, I disagree with the statement "The Obama Administration has made small businesses a priority since the day the president stepped into office." Ever increasing regulations from IRS, OSHA, EPA, USFW, FDA, DoJ, have stunted small businesses creation and growth. Does President Obama not know this? Raising the minimum wage and ObamaCare are two policies that make starting a business even more risky. I would guess the people running SBA and those in charge in the Obama Administration have no first hand business skills. The first sentence in the post is false, without qualification.
With equal respect I can only reply that unless you provide specific instances where the regulations from the cited agencies constrained the activities of business you're acquainted with or your own business activities, your contention sounds like the orthodoxy preached by the Faux News commentators. Once again, please be specific and make your case. If this is a reality, everyone needs to know about it.
How can we get more infor on the financiers for existing small business to expand our business where it really is possible to get loans without considering the impact businesses had due to the financial downfall from 2008 until now on income/debt ratio, credit score and need on co-signers? Are there financiers on obama's plan still wanting to finance sba with lesser requirements for genuine businesses that are struggling to survive ?
hello, how can we apply or how can we get benefits from this?

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