The U.S. Small Business Administration has asked Congress for more than $1 billion in 2013 so it can continue to provide small business loans to entrepreneurs seeking funding, Entrepreneur magazine reports.
The $1 billion is more than 20 percent above what the SBA received from the federal government for lending this year. The agency's proposal was submitted earlier this week as a part of President Barack Obama's $3.8 trillion budget and asked for $949 million for general functions and $167 million for the Disaster Loan Program.
"One of the SBA’s most significant roles in helping the nation’s small businesses is to facilitate access to capital. The SBA does not loan directly to small businesses, but rather works with financial institutions by guaranteeing a percentage of the loans against failure or default," the news source notes.
While small business owners are a primary audience of SBA loans, the organization also supports homeowners and renters in disaster zones. The availability of these loans should benefit all of the agency's target audience.