"Statement of the Hon. Nydia M. Velazquez on Small Business Administration’s FY 2023 Budget"
Summary
A statement dated April 27, 2022 by the Hon. Nydia M. Velazquez at a committee appearance by SBA Administrator Guzman on the Small Business Administration's FY 2023 budget. The statement says that since President Biden took office the economy has added over 7.4 million jobs and unemployment is down to 3.6%. It states that the Administration's proposal sets three goals for supporting entrepreneurs: equitable design and delivery of programs, resilient businesses and a sustainable economy, and strong stewardship of resources. It says the proposal includes funding for key programs, modernization, customer service and core contracting initiatives. It asks the Administrator to discuss the specifics of the request and the agency's top priorities for the upcoming year.
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Full text
Statement of the Hon. Nydia M. Velazquez on Small Business Administration’s FY 2023 Budget April 27, 2022 I want to thank Administrator Guzman for appearing before the committee today. When your tenure began, small businesses were experiencing a once-in-a-lifetime crisis. Since your confirmation, you and the staff at SBA have worked tirelessly to stand up new programs, institute new protections against fraud, and handle unprecedented demand for traditional SBA programs. Today, the worst of the pandemic is believed to be behind us, and there is some good news to report. Since President Biden took office, our economy has added over 7.4 million jobs, unemployment is down to 3.6%, and entrepreneurs have started new businesses a record rates. With that said, the deep wounds inflicted by the pandemic and the conflict in Ukraine continue to fester. As small employers work towards a full recovery, they will need our utmost support. Moving forward, we must utilize the SBA to drive success and empower entrepreneurs. That’s why SBA programs must have the funding necessary to meet the needs of small business owners. We have an opportunity today to discuss the SBA’s 2023 budget request and learn how it will help our Main Streets flourish. The Administration’s proposed budget lays out the investments needed to build a stronger, better, and more equitable America. The funding outlined in this plan will help lower costs for families, create good-paying jobs, and drive our recovery forward. The proposal also places a strong emphasis on supporting the needs of entrepreneurs with three overarching goals: ensuring equitable design and delivery of programs; building resilient businesses and a sustainable economy; and implementing strong stewardship of resources. The pandemic taught us that access to critical resources is often unequal among businesses, particularly those owned by women and people of color. The SBA’s focus on equity will help ensure that all small firms have access to the resources they need to succeed. I am also pleased to see that the proposal includes funding and investments in key programs, modernization, customer service, and core contracting initiatives. I’m eager to discuss how the money requested in this budget will strengthen and improve initiatives that increase access to capital, improve disaster assistance, and create more government contracting opportunities for small firms. Administrator Guzman, you have been at the forefront of the recovery effort and your work has kept millions of businesses open and people on the payroll. I look forward to hearing from you about the specifics of this request and the agency’s top priorities for the upcoming year.
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