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Obama FY2012 Budget

President Obama’s proposed budget cuts for 2012 (beginning October 1, 2011) that will affect our industry:

* The elimination of the SBA PRIME Program;
* A $12 million reduction in funding for technical assistance under the SBA’s Microloan Program, from $22 million in FY2010 to just $10 million for FY201;
* A 7.5% cut ($300 Million cut) to HUD’s Community Development Block Grants (CDBG);
* A 50% cut ($350 million cut) to HHS’s Community Services Block Grant (CSBG);
* A 9% cut ($23 million cut) to Treasury Department’s Community Development Financial Institutions (CDFI) Fund;
* The elimination of the Job Opportunities for Low-Income Individuals (JOLI) program; and
* A $9 million reduction to the USDA’s Rural Business Enterprise Grants from $39 million in 2010 to $30 million in 2012.