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Sunday, March 19, 2017

Small Businesses Will Be Hurt When Trump Slashes $43.2 Million from the SBA

President Donald Trump is slashing away at the U.S. budget. His new budget cuts for the year 2018 would slash $43.2 million from the Small Business Administration. Since more than 25 percent of those cuts would come in the form of grant programs, it could hurt small businesses by providing less in SBA grants.

On their own

Trump is cutting out many programs that benefit small businesses because, as he states, “the private sector provides effective mechanisms to foster local business development and investment.” In other words, he feels they no longer need government help. So, here are just some of the programs he's attacking that will definitely affect small businesses.

  • Cut $43.2 million from the Small Business Administration
  • Cut 5 percent from the SBA’s Program for Investment in Micro-Entrepreneurs, or PRIME, funds, which help low-income Americans start businesses
  • Reduce by 2 percent the dollar amount of loan guarantees for small business owners
  • Cut $100 million in disaster assistance loans

Trump calls these “redundant programs” and funds that are “better provided by the private sector.” But for small business owners across America, it's a move that has them very concerned.

Read more at www.rawstory.com/2017/03/trumps-new-budget-cuts-millions-from-small-business-administration/
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