Chairwoman Velázquez on Passage of Appropriations Package Funding SBA Programs
Washington, December 17, 2019
Washington, D.C.—Today, House Small Business Committee Chairwoman Nydia M. Velázquez (D-NY) released the following statement on the passage of H.R 1158, which contains funding for the Small Business Administration (SBA) for fiscal year 2020 (FY20)
“Across the country, the Small Business Administration and its resource partners inject lifeblood into local economies by providing entrepreneurial development training and affordable capital to American entrepreneurs. As small business owners look to bring their ideas to fruition, I am pleased the 2020 spending bill passed in the House today includes funding that will strengthen SBA programs across the board.
“Importantly, this bill provides 22 percent more funding to the SBA than was requested by the Trump administration, which sought to slash valuable small business programs.
“Among other provisions, this bill will ensure that SBA’s flagship 7(a) loan program will stay open by providing $99 million in funding, increases funding for SBA’s entrepreneurial development programs by more than $13 million from 2019, and adopted my amendment to fund the Growth Accelerators Fund Competition at $2 million, a key to jumpstarting innovation and which the Trump administration proposed cutting.
“I want to thank my colleagues House Speaker Nancy Pelosi and Appropriations Committee Chairwoman Nita Lowey for working alongside the Committee to ensure that America’s entrepreneurs have the resources they deserve.”