President’s Budget Puts 504 Back at Zero Subsidy
Today, the President Obama released his $4 trillion budget for FY2016, including requests for the Small Business Administration’s 504 and other lending programs.
There are three specific items which will likely be of interest to the CDC industry:
1 - In an expected but happy development, the 504 program requires ZERO SUBSIDY for FY2016.
2 - Debt refinancing is again included in this year’s budget.
3 - The President is once again proposing a consolidation of Federal agencies and programs that are focused on business and trade. This would include combining the SBA with the Department of Commerce’s core business and trade functions, the Export-Import Bank, and several others. Please note this is just a request for the authority to do so. In the past, this request has not made much progress in Congress.
With this draft, the House and Senate will hold hearings in the next few months on the budget request. The information gathered during that process will then be used to write the appropriations funding bills. NADCO will continue its advocacy to the relevant committees and members of Congress. Through that, we will share your success stories and ensure appropriate levels of funding are included in the final appropriations process. The full budget proposal can be found here.