Budget & Appropriations
Funding for Capital Access Programs
Small businesses thrive with resources and trusted guidance from organizations who deliver these services to them. Studies have shown that 88 percent of microbusinesses that receive this assistance are more likely to still be in business after five years, as opposed to a less than 50 percent success rate of those that do not. Programs such as the Small Business Administration’s (SBA) Microloan program and the Department of Treasury’s Community Development Financial Institutions Fund (CDFI) provide this important assistance as part of the lending process. In addition, organizations such as Women’s Business Centers deliver critical counseling and training to entrepreneurs. These important programs receive funding from the federal government.
AEO advocates for full and robust funding of capital access and entrepreneurial development programs on behalf of our nation’s small business community. To see the full list of programs AEO supports, click here.
How the federal budget process works
The federal government is currently operating under the FY 2017 Omnibus funding bill, set to expire on September 30. Congressional action will have to take place by September 30 to keep the government funded into the new fiscal year.
How the process is supposed to work
The President submits a budget request to Congress in the late winter/early spring and the House and Senate Budget Committees pass budget resolutions using the President’s request as guidance. The House and Senate Appropriations Committees appropriate the necessary funds for all 12 federal agencies. A conference is held to work out the differences in the House and Senate bills and the final appropriations bills go to the President for signature.
How It Worked This Fiscal Year (FY 2017)
The Congress operated on a series of Continuing Resolutions (CR) since the beginning of the fiscal year. The first expired on December 9; the second expired on April 28. At the end of April, Congress passed another CR through May 6, when they finally came to an agreement on an omnibus to continue federal government operations. On May 4, Congress approved an omnibus appropriations bill to fund the government through the end of the fiscal year. An omnibus funding bill combines the remaining appropriations bill into one bill which requires only one vote in the House and Senate.
April 16, 2019
Industry News -
Under the new Farm Bill, farmers can receive up to $100,000 through multiple microloan programs that provide flexible access to credit for small, beginning, niche, and non-traditional farms.
April 10, 2019
Industry News -
CDFI Fund Releases Annual Report on Activities According to the report, CDFI program awardees reported more than $11 billion in lending and investment activity, which financed nearly 16,000 businesses in 2018.
April 2, 2019
Policy News -
SBA Administrator Linda McMahon has announced her resignation effective April 12th. In a statement issued on Friday, McMahon said she will be returning to the private sector.