The nation’s small business owners are abuzz as the new Administration moves into the White House. With President Donald Trump’s emphasis on expanding the economy by promoting business within the United States, many are hoping that desperately needed policy changes will be made to benefit small businesses, with particular focus on the Small Business Administration.
In its FY 2017 Congressional Budget Justification and FY 2015 Annual Performance Report (http://ow.ly/5v5k3082PCf), the SBA has requested $719 million for 2017, and of this amount $231 million is designated for entrepreneurial development programs. The mission of these programs is to “Help small businesses start, grow, and compete in global markets by providing quality training, counseling and access to resources” (http://ow.ly/GBaD3082RXr). This is not nearly enough, and leaves much to be desired in the financial investments the federal government is willing to make in educating and developing the small business community.
We spend billions of dollars overseas. I once had lunch with a Senator who told our group that a federal agency spent $20 million testing the viability of square potatoes! How much, as a percentage of the gross domestic product, should we be investing in small business education, training, funding, etc?
With the newly appointed Linda McMahon, a successful entrepreneur and small business owner, taking the helm of the SBA, I am hopeful that we will see the needed changes in the SBA and an increased commitment to educating and training the nation’s small business owners.