NEW YORK (AP) — The Trump administration’s budget proposal for the next fiscal year would cut Small Business Administration funding by 5 percent, eliminating some Obama administration programs aimed at creating jobs.
The proposed SBA budget would total $826.5 million, the smallest of any Cabinet-level agency and $43.2 million less than it was allocated for the current fiscal year, which ends Sept. 30.
Budget cuts were aimed at programs that are redundant and whose services would be better provided by the private sector, according to the budget message issued by the Office of Management and Budget.
Among the programs being eliminated are Regional Innovation Clusters, 14 networks of companies aimed at supporting small businesses in specific industries; the Program for Investment in Micro-Entrepreneur grants and the Growth Accelerator Fund, which sponsors a competition for organizations that foster startups. Eliminating these programs would save $12 million, the administration said.
Trump’s Budget Would Cut Millions in Assistance for Business Owners
In addition to other cuts, the White House wants to reduce the Small Business Administration’s funding by 5 percent.
By Emily Canal