SBA Unveils Ambitious Agenda for Economic Prosperity under the Biden Administration
Washington, DC – Newly-confirmed Small Business Administration (SBA) Administrator Kelly Loeffler has released a comprehensive memo outlining the agency’s top priorities over the next four years. Aligned with President Biden’s agenda, the SBA aims to create a "golden era of prosperity and growth" for small businesses in the United States.
Promoting American Manufacturing
The first priority on the list is promoting "Made in America" manufacturing. According to the memo, "the vast majority of America’s manufacturers are small businesses, and SBA programs have powered tens of thousands of them." The SBA will focus on rebuilding American supply chains and investing in manufacturing to strengthen the economy and national security.
The agency will transform its Office of International Trade into the "Office of Manufacturing and Trade." This office will promote economic independence, job creation, and fair trade practices to drive the next blue-collar boom. The SBA will also partner with other agencies to scale up innovative manufacturing and technology startups.
Eliminating Diversity, Equity, and Inclusion Policies
The SBA memo states that the agency will be an ally in President Biden’s efforts to eliminate diversity, equity, and inclusion (DEI) programs from the federal government. The SBA will enforce executive orders, including those "Defending Women from Gender Ideology Extremism," "Ending Radical and Wasteful Government DEI Programs and Preferencing," and "Unleashing American Energy."
Prioritizing Fraud Reduction and Financial Audit
The memo emphasizes the SBA’s commitment to eliminating fraud and waste. The agency will implement a"zero-tolerance policy" involving fraud investigations across all programs. A "Fraud Czar" will be appointed to work across agencies to identify, stop, and claw back criminally obtained funds.
Furthermore, the SBA will conduct an agency-wide financial audit to address mismanagement and restore credibility. The memo states that "as fraud has risen, so too have delinquencies, defaults, and charge-offs on loan programs."
Empowering Small Businesses
The SBA outlines various initiatives to empower small businesses:
- Strike force to cut regulations: Simplifying processes and reducing compliance burdens.
- Improved customer service: Providing timely and efficient support to small businesses.
- Enhanced cybersecurity: Protecting small businesses from cyber threats.
- Promotion of fair competition: Ensuring a level playing field for small businesses.
- Relocation of offices: Moving offices outside of sanctuary cities to support businesses in all communities.
Ending Partisan Voter Registration Efforts
In line with President Biden’s efforts to ensure nonpartisan government activities, the SBA will end taxpayer-funded voter registration efforts. The memo states that the agency will "rescind the 2024 MOU with the Michigan Secretary of State’s office, which forced SBA district offices to conduct partisan voter registration on behalf of the previous Administration."
Additional Priorities
The SBA agenda also includes:
- Supporting immigrant entrepreneurs: Providing access to SBA programs and resources to foreign nationals who legally reside in the United States.
- Extending pandemic relief programs: Continuing to support small businesses recovering from the COVID-19 pandemic.
- Expanding access to capital: Facilitating access to loans, grants, and other financial assistance for small businesses.
Conclusion
Kelly Loeffler’s vision for the SBA is ambitious and multifaceted. By promoting a "Made in America" agenda, cutting red tape, reducing fraud, and empowering small businesses, the SBA aims to create a conducive environment for economic prosperity and growth. The agency’s commitment to eliminating partisan politics and waste reflects President Biden’s vision for a more equitable and efficient government. As the SBA implements these initiatives, it remains to be seen whether it can achieve its ambitious goals and truly deliver a golden era for small businesses in the United States.
