WASHINGTON – The Biden-Harris Administration today released the President’s Budget for Fiscal Year 2024. The Budget details a blueprint 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 the wealthy and big corporations pay their fair share — all while ensuring no one making less than $400,000 per year pays more in taxes.
“President Biden’s budget isn’t just about numbers — it's a reflection of his values. This proposal expresses the Biden-Harris Administration’s deep belief in realizing opportunities for all to achieve and live the American dream of business ownership,” said Administrator Isabella Casillas Guzman. “Small businesses are the giants of our economy, and the source of our most innovative and important technological, cultural and social advancements. Yet, while many entrepreneurs are already rebounding from the pandemic, others — particularly those in underserved communities — are still struggling to recover. That’s why this budget is so essential to American small business owners. It not only addresses some longstanding barriers to accessing capital, it also provides additional support and resources they need to thrive.”
The Budget makes critical, targeted investments in the American people that will promote greater prosperity and economic growth for decades to come. At the U.S. Small Business Administration, the Budget:
Expands Counseling 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 counseling and training resources for veterans, women, rural communities and communities of color.
Broadens 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.
Bolsters 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.
Expands 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.
Helps 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.
Building on the President’s strong record of fiscal responsibility, the Budget more than fully pays for all its investments — reducing deficits by $3 trillion dollars over the next decade by asking the wealthy and big corporations to pay their fair share.
For more information on the President’s FY 2024 Budget, please visit: https://www.whitehouse.gov/omb/budget/.
About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.