Bill Overview
Title: Small Business Administration Reauthorization and Modernization Act of 2022
Description: This bill modifies and reauthorizes various Small Business Administration programs, including the Women's Business Center program, the Small Business Development Center program, the SCORE business mentoring program, and the State Trade Expansion Program. It also provides for business ownership and entrepreneurship training to veterans.
Sponsors: Sen. Cardin, Benjamin L. [D-MD]
Target Audience
Population: Small business owners and entrepreneurs
Estimated Size: 50000000
- The Small Business Administration (SBA) is a U.S. government agency that provides support to entrepreneurs and small businesses.
- The bill mentions specific programs: Women's Business Center, Small Business Development Center, SCORE, and State Trade Expansion Program, which collectively support thousands of small businesses.
- Beyond specific SBA programs, modifications typically aim to enhance access to resources, mentorship, and training for a broad range of small and medium enterprises (SMEs).
- Veterans seeking to own or establish businesses are a specific focus, indicating additional impacts on this group.
- Many entrepreneurs and small business owners rely on SBA programs for funding, guidance, and expansion support.
Reasoning
- The Small Business Administration Reauthorization and Modernization Act of 2022 significantly impacts small business owners, a large and diverse group in the U.S.
- Considering that the policy modifies existing programs, it will particularly impact women, veterans, and businesses aiming for international expansion.
- Given the budget constraints, not every small business owner will be directly affected, but those who engage with SBA programs likely will.
- While direct financial outcomes are important, the programs also emphasize mentorship, which can have long-term benefits on business success and personal wellbeing.
- Location plays a role in access to these programs, so those in urban centers or near resource hubs might experience more significant benefits.
Simulated Interviews
Small business owner (Chicago, IL)
Age: 45 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 5.0 years
Commonness: 5/20
Statement of Opinion:
- I hope the updated programs will help me manage my business better.
- Inflation has been tough on us, and any additional support is welcome.
- Mentorship programs could be really beneficial.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 8 | 6 |
| Year 10 | 8 | 7 |
| Year 20 | 7 | 6 |
Veteran entrepreneur (Houston, TX)
Age: 60 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 10.0 years
Commonness: 3/20
Statement of Opinion:
- As a veteran, it's great to see dedicated training.
- I need help with scaling my business efficiently.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 7 | 5 |
| Year 3 | 8 | 5 |
| Year 5 | 9 | 6 |
| Year 10 | 9 | 6 |
| Year 20 | 8 | 6 |
Tech entrepreneur (San Francisco, CA)
Age: 30 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 7.0 years
Commonness: 8/20
Statement of Opinion:
- The resources from Women's Business Centers have been crucial.
- Additional funding would help us hire more and expand faster.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 7 |
| Year 2 | 9 | 8 |
| Year 3 | 9 | 8 |
| Year 5 | 9 | 8 |
| Year 10 | 9 | 8 |
| Year 20 | 8 | 7 |
Export business owner (Miami, FL)
Age: 50 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 3.0 years
Commonness: 4/20
Statement of Opinion:
- Trade programs have opened new markets for us.
- I'm optimistic about more streamlined processes and resources.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 7 | 6 |
| Year 10 | 7 | 6 |
| Year 20 | 6 | 6 |
Freelancer (New York, NY)
Age: 25 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 5.0 years
Commonness: 9/20
Statement of Opinion:
- I'm hopeful these programs can offer guidance as I start my business.
- Mentorship would be very valuable as I navigate business formation.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 7 | 6 |
| Year 3 | 8 | 6 |
| Year 5 | 8 | 7 |
| Year 10 | 8 | 7 |
| Year 20 | 7 | 7 |
Restaurant owner (Phoenix, AZ)
Age: 38 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 2.0 years
Commonness: 10/20
Statement of Opinion:
- Any policy that helps small businesses is good by me.
- I worry about navigating taxes and compliance with expansion.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 7 | 6 |
| Year 10 | 6 | 6 |
| Year 20 | 6 | 6 |
Nonprofit director (Seattle, WA)
Age: 55 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 8.0 years
Commonness: 6/20
Statement of Opinion:
- Resources for women are crucial for equal business opportunities.
- I see this program expansion as a big positive step.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 7 |
| Year 2 | 8 | 7 |
| Year 3 | 9 | 8 |
| Year 5 | 9 | 8 |
| Year 10 | 9 | 8 |
| Year 20 | 8 | 8 |
Food truck owner (Atlanta, GA)
Age: 42 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 6.0 years
Commonness: 7/20
Statement of Opinion:
- I'm looking for funding to expand beyond my food truck.
- Guidance on financial management and growth is essential.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 8 | 6 |
| Year 5 | 8 | 6 |
| Year 10 | 8 | 6 |
| Year 20 | 7 | 6 |
Graphic designer (Boston, MA)
Age: 29 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 4.0 years
Commonness: 11/20
Statement of Opinion:
- SCORE mentoring could be a game-changer for me.
- Access to such resources early could greatly boost my confidence.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 6 | 5 |
| Year 3 | 7 | 6 |
| Year 5 | 7 | 6 |
| Year 10 | 7 | 6 |
| Year 20 | 7 | 6 |
Craft brewer (Denver, CO)
Age: 34 | Gender: other
Wellbeing Before Policy: 6
Duration of Impact: 7.0 years
Commonness: 5/20
Statement of Opinion:
- I'm competing with larger brands, so any support helps.
- The SBA's programs have been vital in learning how to handle growth.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 8 | 6 |
| Year 5 | 8 | 7 |
| Year 10 | 8 | 7 |
| Year 20 | 7 | 6 |
Cost Estimates
Year 1: $200000000 (Low: $150000000, High: $250000000)
Year 2: $220000000 (Low: $165000000, High: $275000000)
Year 3: $240000000 (Low: $180000000, High: $300000000)
Year 5: $280000000 (Low: $210000000, High: $350000000)
Year 10: $350000000 (Low: $262500000, High: $437500000)
Year 100: $800000000 (Low: $600000000, High: $1000000000)
Key Considerations
- Program expansions require robust oversight and administrative support.
- Realizing full economic benefits might take years, depending on entrepreneurs' success levels.
- Coordination with state and local economic initiatives can amplify impacts.
- Potential competition with private sector business support may arise.