Ranking Member Edward J. Markey (D-Mass.) recently expressed his support for vital funding aimed at reinforcing small business programs in the Fiscal Year (FY) 2026 appropriations package. Following the House of Representatives’ approval of the FY 2026 Financial Services and General Government (FSGG) appropriations bill, small business owners now have a potential lifeline that ensures essential programs remain intact.

“Small businesses are essential to our economy, and fully funding federal programs that support entrepreneurs everywhere is a must for Main Street,” Markey stated. His commitment to this cause is rooted in the belief that small businesses are the backbone of local economies. The appropriations package provides funding for the U.S. Small Business Administration (SBA) programs, including Small Business Development Centers, Women’s Business Centers, SCORE Chapters, and Veterans Business Outreach Centers.

Markey’s advocacy has been especially significant given concerns over previous administration policies that threatened to reduce funding for these programs. Under the Trump administration, the SBA has been criticized for withholding millions in congressional funding aimed at initiatives designed to help historically underserved small business owners. Markey emphasized the importance of ensuring that federal funding reaches small businesses rather than being diverted to larger corporations.

The specifics of the FY 2026 appropriations bill are promising for small business owners:

• Increased Funding: The bill allocates $1.25 billion for the SBA, with $330 million earmarked specifically for entrepreneurial development programs. This funding package represents a strong bipartisan response to previous budget cuts proposed by former President Trump, who sought to eliminate many of these crucial programs.

• Focus on Veterans: The funding provides an additional $2.4 million for SBA’s Veteran’s Outreach programs. This increase is a vital move to support veterans and their families in starting and growing businesses, offering them essential counseling and training opportunities.

• Stronger Protections: Markey worked closely with Senate appropriators to enforce stricter guidelines regarding the release of program funds. For the first time, all Entrepreneurial Development Program (EDP) accounts are explicitly included in the legislative text of the appropriations bill. This measure offers greater legal protections and strengthens anti-impoundment rules to prevent the withholding of funds.

Small business owners can view this legislative development as a beacon of hope, particularly if they are veterans, women entrepreneurs, or part of historically underserved communities. The direct increase in available resources may alleviate some of the financial strains on small businesses, empowering them to access training, mentoring, and networking opportunities they need to thrive.

However, there are hurdles to consider. The requirement for the SBA to spend at least 80% of program funds in the first year of appropriation may pose logistical challenges in execution. Small businesses might need to stay vigilant and ready to navigate the complexities of these funding processes to ensure they can capitalize on the resources made available.

Markey’s recent statements underscore the ongoing battle against budget cuts threatening the future sustainability of small businesses. With a focus on ensuring that funding is dedicated to nurturing entrepreneurs across the nation, this new appropriations package offers a comprehensive framework for supporting small business growth.

For small business owners, these developments mark not just a financial avenue but a renewed commitment from the government to uphold the entrepreneurial spirit that drives local economies. As the funding reaches small businesses, it will be crucial for them to leverage these opportunities effectively, fostering innovation and resilience.

In these trying times, it’s empowering to see concrete steps taken toward maintaining resources that support small business owners. For continued information and updates about small business funding, you can refer to the original press release here.

Image Via BizSugar

The post Markey Highlights Small Business Priorities in New Appropriations Package appeared first on BizSugar.