United States Senate Committee on Small Business and Entrepreneurship Chair Mary L. Landrieu, D-La., today lauded the Fiscal Year 2013 Financial Services Appropriations bill passed by the Senate Appropriations Committee. The bill, which provided $1.1 billion for the Small Business Administration (SBA), must next be approved by the full Senate.
The bill included nearly $334 million for SBA's two largest loan programs -- 7(a) for general business loans, and 504 for fixed assets -- to leverage $22 billion in long-term loans to small businesses.
"As Chair of the Small Business Committee, I am particularly pleased with the work this Appropriations committee has done to fund the Small Business Administration.," said Senator Landrieu, who is a senior member of the Senate Appropriations Committee. "It makes investments in key SBA programs that will enable the Agency to successfully fulfill its core mission, often characterized by the three "C's - capital, contracts, and counseling. Most importantly, these appropriations will help the SBA to continue the great work it has done in supporting small businesses as they continue to recover and rebuild in the wake of the worst economic recession since the Great Depression. Last year SBA's loan programs pumped more than $30 billion of long-term capital into our local small businesses, and the counseling programs reached more than 1 million entrepreneurs."
Highlights of the Fiscal Year 2013 Financial Services Appropriations for the SBA are as follows:
$167 million for Disaster Loan programs;
$3.1 million for 7(j) Technical Assistance;
$7.14 million for SCORE;
$114.75 million for Small Business Development Centers;
$14 million for Women's Business Centers Program;
$9.15 million for the Office of Advocacy;
$2 million for the Federal and State Technology Program;
One-year extension of the 504 Refi Program enacted as part of ARRA.