In its first major initiative, the Obama Administration is expected to sign the Economic Recovery and Reinvestment Act of 2009, which was passed by Congress late last week. This bill is exceedingly broad in its scope and can be expected to impact communities around the country in many ways in the months and years ahead. There are a few specific programs to highlight from this legislation which have been particularly important to AEO and its members.Comprised of spending and tax cuts the bill has two main goals; short term job production and long term economic viability. Since microenterprises are a major source of U.S. employment it is only fitting that funding for microenterprise development was included. The bill includes:
- $51 million in lending authority for the Small Business Administration (SBA) Microloan Program
- $24 million for SBA Microloan technical assistance
- $100 million for the Community Development Financial Institutions Fund
This is one-time only funding and is in addition to the regular funding provided by Congress during the annual appropriations process. This is great news for the field, especially as AEO members continue to experience a higher demand for microloans and other business support services
Details about how AEO members can access the new funding and what affect this will have on AEO’s funding requests for Fiscal Year 2010 will be made available soon. Stay tuned!
Want to share your thoughts about the funding for microenterprise development in the Economic Recovery and Reinvestment Act? Leave a comment for the AEO Exchange Blog – be the first to start a discussion!
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