To the Editor:
As a small-business owner, I am deeply disappointed that the president’s new budget proposal includes cuts to the Community Development Financial Institutions (CDFI) Fund and a 5 percent cut for the Small Business Administration (SBA). Under this plan, the SBA would see a $12 million reduction in available grants for programs that provide education, resources and growth opportunities for small businesses like mine.
This proposal will lead to cuts to local groups and SBA offices that are providing vital resources to small-business owners. Additionally, the cuts to the CDFI fund will make it harder for small businesses, particularly those in disadvantaged communities, to get access to credit when they need it. I know that without funding for programs such as Sunshine Enterprises here in Chicago and the SBA, my small business wouldn’t be nearly as successful as it is today.
Small businesses are the backbone of the nation’s economy, and they need access to resources that will help them succeed. That’s why it’s crucial for lawmakers to support the SBA and the CDFI fund.