The Bush administration is asking Congress to approve a budget for the Small Business Administration that eliminates the remaining taxpayer subsidy for the popular 7(a) loan program.
Instead, the administration is proposing that operation of the loan program be funded with user fees. Last year, Congress approved a subsidy of $79 million that permitted the agency to insure $9.5 billion in loans.
In an apparent move intended to soften the effect of its decision, the administration asked that the SBA be allowed to adjust the fees annually.
The proposal for funding the agency’s fiscal 2005 budget is expected to be considered in conjunction with reauthorization legislation working its way through Congress.
The SBA’s current budget wasn’t approved by Congress until January, after demand for loan guarantees forced the agency to temporarily suspend the 7(a) loan program.
DePaul program earns top honors
The entrepreneurship program at DePaul University has been named one of the top 50 university programs in the country by Entrepreneur magazine. It was the only Chicago-area school in the first tier.
“Schools like Arizona, DePaul, Maryland and others have made entrepreneurship their flagship effort,” said David Newton, a spokesman for TechKnowledge Point Corp., which compiled the data for the magazine.
Founded in 1982, the DePaul program has 15 undergraduate and graduate courses taught by 10 faculty members. It received a boost last year by the creation of the Coleman Entrepreneurship Center through a grant from the Coleman Foundation.
The entrepreneurship programs at Northwestern University and the University of Chicago received third-tier rankings from the magazine. The entrepreneurship program at the University of Illinois at Chicago made the second tier of regional schools.
SCORE totals 40 years of helping
SCORE, the association comprising mostly retired professionals that provides business counseling and training to small businesses, is celebrating its 40th anniversary.
Founded in 1964, the organization formerly known as the Service Corps of Retired Executives has donated time and expertise to more than 6.5 million entrepreneurs through 389 chapters nationwide.
In fiscal 2003, SCORE counselors donated more than 1.4 million hours of their time to help local business owners and potential ones.
“The success of small businesses is critical to the strength of the U.S. economy, and SCORE volunteers offer trusted, experienced advice for starting and managing small businesses,” said Ken Yancy, SCORE’s chief executive.
