(Washington, DC) – Today, U.S. Senate Committee on Small Business & Entrepreneurship Ranking Member Ben Cardin (D-MD) issued the following statement on the Trump Administration's FY 2020 Budget, which could cost small businesses millions in additional loan fees owed to the Small Business Administration (SBA) and reduce critical business counseling:"While President Trump's budget is light on details, his proposed cuts to the SBA should be enough to strike fear in the small business community. This budget hits rural, minority and women-owned businesses by cutting the microloan program, drastically reduces SBA counseling to small businesses, and increases loan fees on lenders and borrowers. For small businesses, which operate on razor-thin margins, this budget is bad for business."Last year alone, SBA-approved loans provided small businesses with more than $30 billion in funding and supported at least 600,000 jobs. By increasing loans fees and reducing vital training and support provided by the SBA, President Trump is balancing his budget on the backs of mom-and-pop shops that turn neighborhoods into communities and create millions of good-paying middle class jobs.

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