President Trump’s budget proposal was released today. It calls for major funding cuts and the elimination of most small business programs. These cuts were expected. Remember that the Congress appropriates funds.
- A proposed funding cut of $204.5 million for the Community Development Financial Institutions (CDFI) Fund
- Proposed 67% budget cut to the Small Business Administration
- Proposed budget cuts of more than $300 million to the U.S. Small Business Administration (SBA)
- Proposed elimination of entrepreneurial development programs that help new business development
- Elimination of Community Development Block Grant (CDBG) which fund small business programs
- Elimination of Rural Business Service programs
We will work with our colleagues and friends in Congress to ensure continuity of the small business ecosystem.