SBA Faces 45% Funding Decrease in U.S. Proposal

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The U.S. Small Business Administration faces a 45 percent drop in funding under President Barack Obama’s budget request after receiving extra funding in economic stimulus legislation.

The agency, which supports companies through loan programs and disaster assistance, would get $985 million in the fiscal 2012 plan Obama proposed today, a cut from the spending levels of 2010 supplemented by $962 billion in stimulus funding.

While the budget would back $27 billion in loan guarantees for small business, administrative spending and funds for Small Business Development Centers would be cut...

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