The Bush administration's proposed budget increases funding for two popular small-business loan programmes, but it cuts money for venture capital and microloans to low-income entrepreneurs.
US Small Business Administration head Hector Barreto discussed the US$593m fiscal 2006 budget proposal Monday at a news conference in Washington. The request is down from US$611m this year.
Barreto highlighted proposed increases in the popular 7(a) loan programme to US$16.5bn in lending guarantees, up from US$16bn for this fiscal year.
The agency also would receive US$5.5bn in lending guarantees, up from US$5bn, for its 504 programme for capital improvements.
"The SBA's fiscally responsible (fiscal 2006) request is good for small businesses and good for the American taxpayer," Barreto said.
