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Today’s order of business is to consider the Views and Estimates of the Committee on Small Business for fiscal year 2020. These resources are a critical first step in helping entrepreneurs start and grow their business and in aiding established businesses to leverage their experience to invest in their business and employees.

I will admit that we are again considering our views and estimates before there is a proposed budget provided from the Administration. Unfortunately, this is becoming all too common. Nevertheless, we are here to set our priorities and expectations for fiscal year 2020 to ensure the Small Business Administration has the necessary resources and funding to modernize and strengthen its core programs on behalf of America’s entrepreneurs.

While the economy is healthy, much uncertainty remains. As a recent GDP report from the Commerce Department suggests, the economy is slowing. In fact, there is consensus among many economists that the forecast for this year is growing dim. Rising interest rates, increasing tariffs, market volatility, and a depressed global economy have led consumer confidence to fall.

With fears of a recession growing – and a Harvard economist and former Treasury Secretary estimating a 50 percent chance by 2020 – more entrepreneurs and small business owners are looking towards the Small Business Administration and its many programs for help.

That’s why it is imperative that such critical programs are properly funded and at robust levels. The SBA’s core programs ensure small employers and budding entrepreneurs have the financing, training, counseling, and access to the federal marketplace they deserve as they work to strengthen our economy.

Today’s Views and Estimates reiterates the Committee’s long-standing position to prioritize core programs, like the Small Business Development Centers and Women’s Business Centers, rather than expending critical funding on untested, agency-initiated programs.

In order to support the SBA in its mission and to leverage the success of current programs, such as the SBA’s flagship 7(a) lending program – the agency requires our commitment to provide the requisite resources and funding levels.

Today’s proposal carries forward this commitment – but at the same time recognizes where improvements and increased oversight are needed. It is a priority for this Committee to take a renewed look at the entrepreneurial development programs to maximize their effectiveness by modernizing the programs.

In doing so, we can deliver better results for the millions of entrepreneurs utilizing the SBA’s resources and that of its resource partners.

Finally, we all must work together to level the playing field in lending and federal procurement opportunities for socially and economically disadvantaged business owners all over the country. We can achieve this through a greater emphasis on hiring more contracting personnel and providing them with adequate training in order to effectively assist small contractors competing in the $500 billion federal marketplace.

The budget we are proposing will breathe new life into the SBA. More importantly, it will provide tangible benefits to small businesses and make sure taxpayers get a positive return on their investment.