The FY24 President’s Budget Request was released today and only included generalized overviews, with none of the necessary information to analyze SBA’s FY24 budget.
What is included that applies to SBA loan programs is the following:
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 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.
The total $58 billion in lending programs would include 7(a), 504, SBIC, and Microloan, so we cannot determine what the 7(a) loan program’s authorization cap would be as of yet.
We will share budget details as soon as supporting documentation is released, which is rumored to be next week. Stay tuned!
Here is the topline budget document released today, with SBA’s one-page overview on page 133 of the pdf (page 129 of the actual document).
