Meng-Murphy Legislation to Increase Funding for Small Business Development Centers Passed by House
Legislation sponsored by U.S. Reps. Grace Meng (D-NY) and Patrick Murphy (D-FL) to increase funding for Small Business Development Centers (SBDC) – which provide critical assistance to small businesses – was passed last night by the House of Representatives.
The Meng-Murphy measure, an amendment to the Financial Services and General Government Appropriations Act (H.R. 5485), adds $5 million to the annual budget that funds SBDCs. The current budget for SBDCs is $125 million.
“Small businesses are the backbone of our economy and SBDCs play a crucial role in helping them succeed,” said Congresswoman Meng. “SBDCs provide vital resources to small business owners; resources that help entrepreneurs grow and thrive, and this boost in funding will further ensure that SBDCs continue the great work they do. When small businesses succeed, America succeeds!”
“Small businesses support over three million jobs in Florida alone. To keep our economy strong, we must make sure these job creators have the support needed to get off the ground and grow,” said Congressman Murphy. “SBDCs are one of the best investments we make to do just that, and it is essential that they remain strong business boosters.”
“America's SBDCs are grateful for the support offered by Representative Meng and Murphy's amendment,” said C. E. "Tee" Rowe, President and C.E.O. of America’s SBDC. “Cyber-security is a threat to every small business and costs them millions every year. This amendment will give SBDCs additional resources to help fight this problem and keep small businesses strong and growing stronger. Every year SBDCs devote over 1.3 million hours counseling over 196,000 small businesses and helping start over 14,000 new businesses. Last year, this counseling helped small business owners obtain over $4.8 billion in capital and increase sales by over $7 billion."
“On behalf of the NY SBDC and the national SBDC network, we applaud Congresswoman Meng and the House Small Business Committee for their efforts to support the growing needs and assistance necessary to keep America’s Small Business sector strong and driving our economy,” said James King, State Director of the New York SBDC. “Cybersecurity for our small business clients is near the top of that list and the added support will allow us to make small businesses more aware and able to meet the threat from domestic and international cyber-attacks. The defense of small business commerce is at the root of the economy and job creation, and it is incumbent upon all of us to stop these attacks before they disrupt our communities.”
“SBDCs provide a wealth of technical assistance to America’s small businesses, serving a critical role in improving the economy one community at a time,” said Todd McCracken, President and CEO of the National Small Business Association (NSBA). “We applaud Congresswoman Meng’s continued efforts to strengthen their mission.”
SBDC advisors provide small business owners – and those who seek to start small businesses – with a variety of free business consulting and low-cost training services including: business plan development, manufacturing assistance, financial packaging and lending assistance, exporting and importing support, disaster recovery assistance, procurement and contracting aid, market research help, healthcare guidance and other types of assistance.
New York City presently has several SBDCs including two in Queens: one at LaGuardia Community College in Long Island City and another at York College in Jamaica.
Meng has advocated for another SBDC in the Northeast section of the borough in order to better serve the needs of the area’s business owners.
The Financial Services and General Government Appropriations Act provides annual funding for several federal agencies including the U.S. Small Business Administration (SBA), the agency that oversees SBDAs.