Senate Small Business and Entrepreneurship Committee

Nomination of Dilawar Syed to be Deputy Administrator, and Oversight of the U.S. Small Business Administration and Review of the President’s Fiscal Year 2024 Budget Proposal

428A Russell
Wed, 22 Mar 2023 18:45:00 GMT

Business meeting to vote on the nomination of Dilawar Syed to be Deputy Administrator of the U.S. Small Business Administration, followed by

A hearing on the FY 2024 budget request for the U.S. Small Business Administration.

Chair: Ben Cardin (D-Md.)

Witness:
  • Isabella Casillas Guzman, Administrator, U.S. Small Business Administration

In FY 2024, SBA is requesting $10 million in Climate Change administrative expenses in the Salaries and Expenses account instead of $5 million in the Business and Disaster Loan Program accounts respectively as provided in FY 2023 Enacted.

The SBA will help small businesses mitigate risks from severe weather and related hazards, adopt clean and energy efficient technologies, and compete in the markets of innovative goods and services. The SBA’s FY 2023 enacted appropriations provided $5 million in Business Loans Programs administrative expenses for this purpose. The SBA will hire subject matter experts to update policies to address small business needs for access to capital due to climate crisis issues (e.g., energy efficiency, flooding due to coastal changes, redesign or relocation needs). These additional resources will enable the SBA to increase focused outreach, training, and awareness campaigns of the 7(a), 504, and Microloan programs. The funds will also allow the SBA to provide updates on program enhancements identified by the energy focused policy team in conjunction with industry associations whose clients have a special emphasis area in climate crisis issues.

The Federal and State Technology (FAST) Partnership Program is designed to provide critical and direct assistance to underserved innovation-based entrepreneurs with the goal of increasing their success in obtaining SBIR and STTR funding. In FY 2023 and FY 2024, the SBA will expand the FAST program and increase the number of awards and value of awards through the increase in funding provided in FY 2023 enacted and requested in the FY 2024 Budget. The SBA will continue to monitor awardees and ensure that performance data are used to assess outcomes. FAST will continue its emphasis on addressing climate change and growing participation from underserved entrepreneurs.

: In FY 2023 and FY 2024, the SBA will run the Growth Accelerator Fund Competition to award prizes that support an inclusive public-private ecosystem for innovators, particularly those who have been underrepresented in STEM/R&D entrepreneurship. Focus areas for proposals will include assistance programs for women and minority entrepreneurs, entrepreneurs in rural areas, and programs targeting technologies addressing manufacturing and climate change.