SBA Budget Cuts Target ‘Redundant Programs’
Donald Trump has picked Linda McMahon, co-founder of pro wrestling company WWE , to lead his Small Business Administration, his transition team said Wednesday. In this particular case, the democratic-controlled Congress pushed back, yet certain segments of the fiscal budget resulted in the Small Business Administration having its funds reduced in 2004, while going under the guise of fiscal budgetary concerns.
The Small Business Administration (SBA) was created by the Small Business Act of 1953 and derives its present existence and authority from the Small Business Act ( 15 U.S.C. 631 et seq.) and the Small Business Investment Act of 1958 ( 15 U.S.C. 661 ).
The SBA is authorized under this program to make direct loans to eligible and qualified intermediary lenders who will use those loan proceeds to make short-term, fixed-interest rate loans to start-up, newly established and growing small business concerns.
The SBA, in coordination with the U.S. Federal Emergency Management Agency (FEMA), other federal agencies, the American Red Cross and array of state and local entities, helps small businesses prepare for disaster and provides timely and accessible low-cost, low-interest loans to small business owners, non-profits, homeowners, and renters who are survivors of disaster.
Working with other federal agencies, SBA will help reduce the complexity of USG trade financing and export marketing programs and highlight the growing importance of exports to the U.S. economy, thereby encouraging more lenders to offer comprehensive business solutions to their export customers.