Washington, D.C.— Today, the House Small Business Committee, under Chairwoman Nydia M. Velázquez (D-NY), held a hearing examining the Small Business Administration’s (SBA) budget request for Fiscal Year 2023 (FY 2023). During the hearing, SBA Administrator Isabella Casillas Guzman testified about specific funding requests for FY 2023 and ongoing efforts related to pandemic programs.
“As small employers work towards a full recovery, they will need our utmost support. Moving forward, we must utilize the SBA to drive success and empower entrepreneurs. That’s why SBA programs must have the funding necessary to meet the needs of small business owners,” said Chairwoman Velázquez. “The funding outlined in the Biden administration’s plan will help lower costs for families, create good-paying jobs, and address some of the most pressing concerns facing entrepreneurs.”
The SBA’s $1.06 billion budget request represents an increase of $26 million from FY 2022 enacted levels. The SBA establishes three overarching goals in the proposal to help the agency better meet the needs of entrepreneurs: ensuring equitable design and delivery of programs; building resilient businesses and a sustainable economy; and implementing strong stewardship of resources. The proposed budget also includes funding and investments in key lending programs, technological modernization, improved customer service, veteran entrepreneurship training, and core contracting initiatives.
The hearing allowed Members to discuss the agency’s top priorities for the coming fiscal year and how Congress can better support small businesses moving forward.
“President Biden’s budget request for Fiscal Year 2023 builds on the incredible progress we have made since the start of the Biden-Harris Administration: building bridges of equity and opportunity across America; and, opening doors for more small businesses to grow with access to capital, networks, training, innovation, and government contracting,” said Administrator Guzman. “We have helped spark a historic resurgence in American entrepreneurship. The President’s budget framework taps into the entrepreneurial spirit to position small businesses at the forefront of our nation’s rebuilding and as the foundation for America’s greatest economy yet.”