[Appendix]
[Detailed Budget Estimates by Agency]
[Small Business Administration]
[From the U.S. Government Printing Office, www.gpo.gov]
THE BUDGET FOR FISCAL YEAR 2004
[[Page 983]]
SMALL BUSINESS ADMINISTRATION
For 2004, the Small Business Administration (SBA) budget requests
$797.9 million in new budget authority. SBA's continuing operations will
provide over $20 billion in new loans to small businesses, funding for
non-credit programs, and funding for the disaster loan program. SBA has
revised its 7(a) loan subsidy model to more accurately reflect the costs
of the program.
Federal Funds
General and special funds:
Salaries and Expenses
For necessary expenses, not otherwise provided for, of the Small
Business Administration as authorized by Public Law 105-135, including
hire of passenger motor vehicles as authorized by 31 U.S.C. 1343 and
1344, and not to exceed $3,500 for official reception and representation
expenses, $360,155,000: Provided, That the Administrator is authorized
to charge fees to cover the cost of publications developed by the Small
Business Administration, and certain loan servicing activities: Provided
further, That, notwithstanding 31 U.S.C. 3302, revenues received from
all such activities shall be credited to this account, to be available
for carrying out these purposes without further appropriations: Provided
further, That $88,000,000 shall be available to fund grants for
performance in fiscal year 2004 or fiscal year 2005 as authorized by
section 21 of the Small Business Act, as amended. In addition to amounts
otherwise available from collections, 5 percent of such collections, not
to exceed $3,000,000, for qualified expenses of delinquent non-tax debt
collection.
Note.--A regular 2003 appropriation for this account had not been
enacted at the time the budget was prepared; therefore, this account is
operating under a continuing resolution (P.L. 107-229, as amended). The
amounts included for 2003 in this budget reflect the Administration's
2003 policy proposals.
Program and Financing (in millions of dollars)
----------------------------------------------------------------------------
Identification code 73-0100-0-1-376 2002 actual 2003 est. 2004 est.
----------------------------------------------------------------------------
Obligations by program activity:
00.01 Government contracting and
minority enterprise development. 31 32 32
00.02 Disaster assistance............... 121 134 108
00.04 Management and administration..... 111 114 116
00.05 Executive direction............... 4 4 5
00.06 General counsel................... 8 8 9
00.07 Congressional and legislative
affairs......................... 1 1 1
00.08 Hearings and appeals.............. 1 1 1
00.09 Communications and publications... 3 3 3
00.11 Advocacy.......................... 5 7 8
00.12 Field operations.................. 2 1 1
00.13 Equal employment opportunity and
civil rights compliance......... 2 2 2
00.14 Regional and district offices..... 140 150 152
00.15 Chief financial officer........... 9 9 9
00.16 Capital Access.................... 55 79 48
00.17 Entrepreneurial development....... 116 115 114
00.18 Small disadvantaged businesses.... 1 2 2
00.19 Veteran's Business Development.... 1 1 1
--------- --------- ----------
10.00 Total new obligations........... 611 663 612
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Budgetary resources available for obligation:
21.40 Unobligated balance carried
forward, start of year.......... 41 56 1
22.00 New budget authority (gross)...... 632 608 612
--------- --------- ----------
23.90 Total budgetary resources
available for obligation...... 673 664 613
23.95 Total new obligations............. -611 -663 -612
23.98 Unobligated balance expiring or
withdrawn....................... -6
24.40 Unobligated balance carried
forward, end of year............ 56 1 1
----------------------------------------------------------------------------
New budget authority (gross), detail:
Discretionary:
40.00 Appropriation................... 338 353 360
42.00 Transferred from other accounts. 3
--------- --------- ----------
43.00 Appropriation (total
discretionary).............. 341 353 360
68.00 Spending authority from offsetting
collections: Offsetting
collections (cash).............. 291 255 252
--------- --------- ----------
70.00 Total new budget authority
(gross)....................... 632 608 612
----------------------------------------------------------------------------
Change in obligated balances:
72.40 Obligated balance, start of year.. 311 292 390
73.10 Total new obligations............. 611 663 612
73.20 Total outlays (gross)............. -628 -565 -607
73.40 Adjustments in expired accounts
(net)........................... -3
74.40 Obligated balance, end of year.... 292 390 395
----------------------------------------------------------------------------
Outlays (gross), detail:
86.90 Outlays from new discretionary
authority....................... 499 449 450
86.93 Outlays from discretionary
balances........................ 129 116 157
--------- --------- ----------
87.00 Total outlays (gross)........... 628 565 607
----------------------------------------------------------------------------
Offsets:
Against gross budget authority and outlays:
Offsetting collections (cash)
from:
Federal sources:
88.00 Payments from business loan
program account........... -129 -129 -129
88.00 Payments from disaster loan
program account........... -157 -121 -118
88.00 Federal sources............. -4 -2 -2
88.40 Non-Federal sources........... -3 -3 -3
--------- --------- ----------
88.90 Total, offsetting
collections (cash)........ -293 -255 -252
Against gross budget authority only:
88.96 Portion of offsetting
collections (cash) credited to
expired accounts.............. 2
----------------------------------------------------------------------------
Net budget authority and outlays:
89.00 Budget authority.................. 341 353 360
90.00 Outlays........................... 334 310 355
----------------------------------------------------------------------------
Additional net budget authority and outlays to cover cost of fully accruing
retirement:
99.00 Budget authority.................. 9 9 9
99.01 Outlays........................... 9 9 9
---------------------------------------------------------------------------
The appropriation for this account is necessary to cover the
administrative expenses for headquarters and non-credit programs.
Object Classification (in millions of dollars)
----------------------------------------------------------------------------
Identification code 73-0100-0-1-376 2002 actual 2003 est. 2004 est.
----------------------------------------------------------------------------
Personnel compensation:
11.1 Full-time permanent............. 179 192 200
11.3 Other than full-time permanent.. 8 8 8
11.5 Other personnel compensation.... 4 3 3
--------- --------- ----------
11.9 Total personnel compensation.. 191 203 211
12.1 Civilian personnel benefits....... 45 50 49
21.0 Travel and transportation of
persons......................... 4 5 4
22.0 Transportation of things.......... 3
23.1 Rental payments to GSA............ 31 32 36
23.3 Communications, utilities, and
miscellaneous charges........... 4 4 6
24.0 Printing and reproduction......... 1 1 1
25.2 Other services.................... 42 72 67
Other purchases of goods and services from
Government accounts:
25.3 Other purchases of goods and
services from Government
accounts (disaster loan
making)....................... 94 104 80
25.3 Other purchases of goods and
services from Government
accounts (disaster loan serv). 27 30 28
26.0 Supplies and materials............ 2
31.0 Equipment......................... 2
41.0 Grants, subsidies, and
contributions................... 168 159 130
--------- --------- ----------
99.9 Total new obligations........... 611 663 612
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[[Page 984]]
Personnel Summary
----------------------------------------------------------------------------
Identification code 73-0100-0-1-376 2002 actual 2003 est. 2004 est.
----------------------------------------------------------------------------
1001 Total compensable workyears:
Civilian full-time equivalent
employment...................... 3,843 3,802 3,802
---------------------------------------------------------------------------
Note.--The personnel summary includes regular (non-disaster) full-
time equivalents (FTEs) of 2761, 2634, and 2634 in 2002, 2003, and 2004
respectively.
Office of Inspector General
For necessary expenses of the Office of Inspector General in
carrying out the provisions of the Inspector General Act of 1978, as
amended (5 U.S.C. App.), $14,500,000.
Note.--A regular 2003 appropriation for this account had not been
enacted at the time the budget was prepared; therefore, this account is
operating under a continuing resolution (P.L. 107-229, as amended). The
amounts included for 2003 in this budget reflect the Administration's
2003 policy proposals.
Program and Financing (in millions of dollars)
----------------------------------------------------------------------------
Identification code 73-0200-0-1-376 2002 actual 2003 est. 2004 est.
----------------------------------------------------------------------------
Obligations by program activity:
00.01 General Office.................... 1 1 1
00.02 Audit............................. 5 6 6
00.03 Investigations.................... 5 7 7
00.04 Management / Legal Counsel /
Inspection and Evaluation....... 1 1 1
--------- --------- ----------
10.00 Total new obligations........... 12 15 15
----------------------------------------------------------------------------
Budgetary resources available for obligation:
22.00 New budget authority (gross)...... 12 15 15
23.95 Total new obligations............. -12 -15 -15
----------------------------------------------------------------------------
New budget authority (gross), detail:
Discretionary:
40.00 Appropriation................... 11 14 14
68.00 Spending authority from offsetting
collections: Offsetting
collections (cash).............. 1 1 1
--------- --------- ----------
70.00 Total new budget authority
(gross)....................... 12 15 15
----------------------------------------------------------------------------
Change in obligated balances:
73.10 Total new obligations............. 12 15 15
73.20 Total outlays (gross)............. -12 -14 -15
----------------------------------------------------------------------------
Outlays (gross), detail:
86.90 Outlays from new discretionary
authority....................... 12 14 14
86.93 Outlays from discretionary
balances........................ 1
--------- --------- ----------
87.00 Total outlays (gross)........... 12 14 15
----------------------------------------------------------------------------
Offsets:
Against gross budget authority and outlays:
88.00 Offsetting collections (cash)
from: Payments from disaster
loan program account.......... -1 -1 -1
----------------------------------------------------------------------------
Net budget authority and outlays:
89.00 Budget authority.................. 11 14 14
90.00 Outlays........................... 13 13 14
----------------------------------------------------------------------------
Additional net budget authority and outlays to cover cost of fully accruing
retirement:
99.00 Budget authority.................. 1 1 1
99.01 Outlays........................... 1 1 1
---------------------------------------------------------------------------
The budget proposes $14.5 million in new budget authority and $500
thousand transferred from the Disaster Loans Program account for a total
of $15.0 million for the Office of Inspector General (OIG) for 2004.
This appropriation provides funds for agency-wide audit, investigative,
and inspection/evaluation functions to promote economy and efficiency in
agency operations and to prevent and detect fraud, waste, and abuse.
Object Classification (in millions of dollars)
----------------------------------------------------------------------------
Identification code 73-0200-0-1-376 2002 actual 2003 est. 2004 est.
----------------------------------------------------------------------------
Personnel compensation:
11.1 Full-time permanent............. 8 9 9
11.5 Other personnel compensation.... 1 1 1
--------- --------- ----------
11.9 Total personnel compensation.. 9 10 10
12.1 Civilian personnel benefits....... 2 2 2
25.1 Advisory and assistance services.. 1 3 3
--------- --------- ----------
99.9 Total new obligations........... 12 15 15
---------------------------------------------------------------------------
Personnel Summary
----------------------------------------------------------------------------
Identification code 73-0200-0-1-376 2002 actual 2003 est. 2004 est.
----------------------------------------------------------------------------
1001 Total compensable workyears:
Civilian full-time equivalent
employment...................... 108 125 125
---------------------------------------------------------------------------
Public enterprise funds:
Surety Bond Guarantees Revolving Fund
Program and Financing (in millions of dollars)
----------------------------------------------------------------------------
Identification code 73-4156-0-3-376 2002 actual 2003 est. 2004 est.
----------------------------------------------------------------------------
Obligations by program activity:
09.01 Reimbursable obligations.......... 6 9 11
--------- --------- ----------
10.00 Total new obligations (object
class 42.0)................... 6 9 11
----------------------------------------------------------------------------
Budgetary resources available for obligation:
21.40 Unobligated balance carried
forward, start of year.......... 26 26 23
22.00 New budget authority (gross)...... 6 6 7
--------- --------- ----------
23.90 Total budgetary resources
available for obligation...... 32 32 30
23.95 Total new obligations............. -6 -9 -11
24.40 Unobligated balance carried
forward, end of year............ 26 23 20
----------------------------------------------------------------------------
New budget authority (gross), detail:
Discretionary:
68.00 Spending authority from
offsetting collections
(gross): Offsetting
collections (cash)............ 6 6 7
----------------------------------------------------------------------------
Change in obligated balances:
72.40 Obligated balance, start of year.. 1 1 1
73.10 Total new obligations............. 6 9 11
73.20 Total outlays (gross)............. -6 -9 -10
74.40 Obligated balance, end of year.... 1 1 1
----------------------------------------------------------------------------
Outlays (gross), detail:
86.90 Outlays from new discretionary
authority....................... 6 6 7
86.93 Outlays from discretionary
balances........................ 3 3
--------- --------- ----------
87.00 Total outlays (gross)........... 6 9 10
----------------------------------------------------------------------------
Offsets:
Against gross budget authority and outlays:
88.40 Offsetting collections (cash)
from: Non-Federal sources..... -6 -6 -7
----------------------------------------------------------------------------
Net budget authority and outlays:
89.00 Budget authority..................
90.00 Outlays........................... -1 3 3
---------------------------------------------------------------------------
SBA is authorized to issue bond guarantees to surety companies for
construction, service, and supply contracts that do not exceed
$2,000,000 and to reimburse these sureties up to 90 percent of the
losses sustained if the contractor defaults. SBA's guarantees provide
the incentive necessary for sureties to issue bonds to small contractors
who could not otherwise compete in the contracting industry.
In 2004, the budget proposes a $1.7 billion program level that is
anticipated to be sufficient to accommodate demand from prior-approval
and preferred sureties. This program does not require a subsidy
appropriation.
[[Page 985]]
Statement of Operations (in millions of dollars)
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Identification code 73-4156-0-3-376 2001 actual 2002 actual 2003 est. 2004 est.
-----------------------------------------------------------------------------------------------
0101 Revenue........................... 3 6 6 7
0102 Expense........................... -10 -6 -9 -11
------------ -------------- ------------ -------------
0105 Net income or loss (-)............ -7 -3 -4
-----------------------------------------------------------------------------------------------
Balance Sheet (in millions of dollars)
-----------------------------------------------------------------------------------------------
Identification code 73-4156-0-3-376 2001 actual 2002 actual 2003 est. 2004 est.
-----------------------------------------------------------------------------------------------
ASSETS:
Federal assets:
1101 Fund balances with Treasury..... 26 27 25 24
Investments in US securities:
1106 Receivables, net.............. 6 5 5 6
------------ -------------- ------------ -------------
1999 Total assets.................... 32 32 30 30
LIABILITIES:
2201 Non-Federal liabilities: Accounts
payable......................... 14 16 17 15
------------ -------------- ------------ -------------
2999 Total liabilities............... 14 16 17 15
NET POSITION:
3100 Appropriated capital.............. 293 289 332 333
3300 Cumulative results of operations.. -275 -273 -319 -318
------------ -------------- ------------ -------------
3999 Total net position.............. 18 16 13 15
------------ -------------- ------------ -------------
4999 Total liabilities and net position 32 32 30 30
-----------------------------------------------------------------------------------------------
Credit accounts:
Business Loans Program Account
For the cost of direct loans, $1,910,000, to be available until
expended; and for the cost of guaranteed loans, $94,860,000, as
authorized by 15 U.S.C. 631 note, of which $45,000,000 shall remain
available until September 30, 2005: Provided, That such costs, including
the cost of modifying such loans, shall be as defined in section 502 of
the Congressional Budget Act of 1974, as amended: Provided further, That
during fiscal year 2004 commitments to guarantee loans under section 503
of the Small Business Investment Act of 1958, as amended (the Act),
shall not exceed $4,500,000,000: Provided further, That during fiscal
year 2004 commitments to guarantee loans for debentures and
participating securities under section 303(b) of the Act shall not
exceed the levels established by section 20(i)(1)(C) of the Small
Business Act: Provided further, That during fiscal year 2004 guarantees
of trust certificates authorized by section 5(g) of the Small Business
Act shall not exceed a principal amount of $10,000,000,000.
In addition, for administrative expenses to carry out the direct and
guaranteed loan programs, $129,000,000, which may be transferred to and
merged with the appropriations for Salaries and Expenses.
Note.--A regular 2003 appropriation for this account had not been
enacted at the time the budget was prepared; therefore, this account is
operating under a continuing resolution (P.L. 107-229, as amended). The
amounts included for 2003 in this budget reflect the Administration's
2003 policy proposals.
General Fund Credit Receipt Accounts (in millions of dollars)
----------------------------------------------------------------------------
Identification code 73-1154-0-1-376 2002 actual 2003 est. 2004 est.
----------------------------------------------------------------------------
0102 Negative subsidies/subsidy
reestimates..................... 389 258
---------------------------------------------------------------------------
Program and Financing (in millions of dollars)
----------------------------------------------------------------------------
Identification code 73-1154-0-1-376 2002 actual 2003 est. 2004 est.
----------------------------------------------------------------------------
Obligations by program activity:
00.01 Direct loan subsidy............... 1 4 3
00.02 Guaranteed loan subsidy........... 129 85 95
00.05 Reestimate of direct loan......... 1 2
00.06 Interest on direct loan
reestimation.................... 2
00.07 Reestimate of loan guarantee
subsidy......................... 72 526
00.08 Interest on reestimates of loan
guarantee subsidy............... 19 163
00.09 Administrative expenses........... 129 129 129
--------- --------- ----------
10.00 Total new obligations........... 351 911 227
----------------------------------------------------------------------------
Budgetary resources available for obligation:
21.40 Unobligated balance carried
forward, start of year.......... 54 73 73
22.00 New budget authority (gross)...... 370 911 226
--------- --------- ----------
23.90 Total budgetary resources
available for obligation...... 424 984 299
23.95 Total new obligations............. -351 -911 -227
24.40 Unobligated balance carried
forward, end of year............ 73 73 72
----------------------------------------------------------------------------
New budget authority (gross), detail:
Discretionary:
Appropriation:
40.00 Appropriation................. 209 218 226
40.00 Appropriation (terrorism)..... 75
40.36 Unobligated balance rescinded... -6
--------- --------- ----------
43.00 Appropriation (total
discretionary).............. 278 218 226
Mandatory:
60.00 Appropriation................... 92 693
--------- --------- ----------
70.00 Total new budget authority
(gross)....................... 370 911 226
----------------------------------------------------------------------------
Change in obligated balances:
72.40 Obligated balance, start of year.. 93 98 78
73.10 Total new obligations............. 351 911 227
73.20 Total outlays (gross)............. -346 -933 -223
74.40 Obligated balance, end of year.... 98 78 82
----------------------------------------------------------------------------
Outlays (gross), detail:
86.90 Outlays from new discretionary
authority....................... 146 137 142
86.93 Outlays from discretionary
balances........................ 108 103 81
86.97 Outlays from new mandatory
authority....................... 92 693
--------- --------- ----------
87.00 Total outlays (gross)........... 346 933 223
----------------------------------------------------------------------------
Net budget authority and outlays:
89.00 Budget authority.................. 370 911 226
90.00 Outlays........................... 346 933 223
----------------------------------------------------------------------------
Additional net budget authority and outlays to cover cost of fully accruing
retirement:
99.00 Budget authority.................. 4 4 4
99.01 Outlays........................... 4 4 4
---------------------------------------------------------------------------
Summary of Loan Levels, Subsidy Budget Authority and Outlays by Program (in
millions of dollars)
----------------------------------------------------------------------------
Identification code 73-1154-0-1-376 2002 actual 2003 est. 2004 est.
----------------------------------------------------------------------------
Direct loan levels supportable by subsidy
budget authority:
115001Micro loans....................... 16 27 20
--------- --------- ----------
115901Total direct loan levels.......... 16 27 20
Direct loan subsidy (in percent):
132001Micro loans....................... 6.78 13.05 9.55
--------- --------- ----------
132901Weighted average subsidy rate..... 6.78 13.05 9.55
Direct loan subsidy budget authority:
133001Micro loans....................... 1 4 2
--------- --------- ----------
133901Total subsidy budget authority.... 1 4 2
Direct loan subsidy outlays:
134001Micro loans....................... 1 2 1
--------- --------- ----------
134901Total subsidy outlays............. 1 2 1
Direct loan upward reestimate subsidy budget
authority:
135001Micro loans....................... 1 4
--------- --------- ----------
135901Total upward reestimate budget
authority....................... 1 4
Direct loan upward reestimate subsidy outlays:
136001Micro loans....................... 1 4
--------- --------- ----------
136901Total upward reestimate outlays... 1 4
Direct loan downward reestimate subsidy budget
authority:
137001Micro loans....................... -4 -2
--------- --------- ----------
137901Total downward reestimate budget
authority....................... -4 -2
Direct loan downward reestimate subsidy
outlays:
138001Micro loans....................... -4 -2
--------- --------- ----------
138901Total downward reestimate subsidy
outlays......................... -4 -2
----------------------------------------------------------------------------
Guaranteed loan levels supportable by subsidy
budget authority:
215001Microloan guarantees.............. 2 2 2
215002General business--7(a)............ 9,287 4,850 9,300
215002General business--7(a)-terrorist
response........................ 1,779 2,544
215003General business--7(a) DELTA...... 1 20
215004Section 504....................... 2,467 4,500 4,500
[[Page 986]]
215005Section 504 DELTA................. 3
215006SBIC debentures................... 411 3,000 3,000
215007SBIC participating securities..... 1,300 4,000 4,000
215008New Market Venture Capital........ 19 64
2150097(a) secondary market.............
--------- --------- ----------
215901Total loan guarantee levels....... 15,266 18,983 20,802
Guaranteed loan subsidy (in percent):
232001Microloan guarantees.............. 8.17 8.42 8.66
232002General business--7(a)............ 1.07 1.76 1.02
232002General business--7(a)-terrorist
response........................ 1.67 1.78 0.00
232003General business--7(a) DELTA...... 1.73 2.40 1.56
232004Section 504....................... 0.00 0.00 0.00
232005Section 504 DELTA................. 0.84 0.88 0.86
232006SBIC debentures................... 0.00 0.00 0.00
232007SBIC participating securities..... 0.00 0.00 0.00
232008New Market Venture Capital........ 14.47 15.46 16.05
2320097(a) secondary market............. 0.00 0.00 66.04
--------- --------- ----------
232901Weighted average subsidy rate..... 0.86 0.45 0.46
Guaranteed loan subsidy budget authority:
233001Microloan guarantees..............
233002General business--7(a)............ 99 85 95
233002General business--7(a)-terrorist
response........................ 30
233003General business--7(a) DELTA......
233004Section 504.......................
233005Section 504 DELTA.................
233006SBIC debentures...................
233007SBIC participating securities.....
233008New Market Venture Capital........ 3
2330097(a) secondary market.............
--------- --------- ----------
233901Total subsidy budget authority.... 132 85 95
Guaranteed loan subsidy outlays:
234001Microloan guarantees..............
234002General business--7(a)............ 96 81 86
234002General business--7(a)-terrorist
response........................ 24 16
234003General business--7(a) DELTA...... 1 1 1
234004Section 504.......................
234005Section 504 DELTA.................
234006SBIC debentures...................
234007SBIC participating securities.....
234008New Market Venture Capital........ 3 9 7
2340097(a) secondary market.............
--------- --------- ----------
234901Total subsidy outlays............. 124 107 94
Guaranteed loan upward reestimate subsidy
budget authority:
235001Microloan guarantees..............
235002General business--7(a)............ 5 189
235003General business--7(a) DELTA......
235004Section 504....................... 23 146
235005Section 504 DELTA.................
235006SBIC debentures................... 10 27
235007SBIC participating securities..... 53 327
--------- --------- ----------
235901Total upward reestimate budget
authority....................... 91 689
Guaranteed loan upward reestimate subsidy
outlays:
236001Microloan guarantees..............
236002General business--7(a)............ 5 189
236003General business--7(a) DELTA......
236004Section 504....................... 23 146
236005Section 504 DELTA.................
236006SBIC debentures................... 10 27
236007SBIC participating securities..... 53 327
--------- --------- ----------
236901Total upward reestimate subsidy
outlays......................... 91 689
Guaranteed loan downward reestimate subsidy
budget authority:
237001Microloan guarantees..............
237002General business--7(a)............ -182 -158
237003General business--7(a) DELTA......
237004Section 504....................... -112 -10
237005Section 504 DELTA.................
237006SBIC debentures................... -52 -34
237007SBIC participating securities..... -38 -54
--------- --------- ----------
237901Total downward reestimate subsidy
budget authority................ -384 -256
Guaranteed loan downward reestimate subsidy
outlays:
238001Microloan guarantees..............
238002General business--7(a)............ -182 -158
238003General business--7(a) DELTA......
238004Section 504....................... -112 -10
238005Section 504 DELTA.................
238006SBIC debentures................... -52 -34
238007SBIC participating securities..... -38 -54
--------- --------- ----------
238901Total downward reestimate subsidy
outlays......................... -384 -256
----------------------------------------------------------------------------
Administrative expense data:
351001Budget authority.................. 129 129 129
358001Outlays from balances.............
359001Outlays from new authority........ 129 129 129
---------------------------------------------------------------------------
As required by the Federal Credit Reform Act of 1990, as amended,
this account records, for this program, the subsidy costs associated
with the direct loans obligated and loan guarantees committed in 1992
and beyond (including modifications of direct loans or loan guarantees
that resulted from obligations or commitments in any year), as well as
administrative expenses of this program. The subsidy amounts are
estimated on a present value basis; the administrative expenses are
estimated on a cash basis.
For 2004, the budget proposes $225.8 million in new budget authority
for the Business Loans Program account. This amount will be used to
administer the loan programs and support 7(a) loans and the Microloan
Direct program. For all other loan programs, borrowers fees are
sufficient to cover subsidy obligations.
The Section 7(a) program provides general business credit
assistance. The requested program level for 2004 is $9.3 billion. The
Section 504 CDC Program is for long-term fixed rate financing and will
require a program level of $4.5 billion in 2004. The Small Business
Investment Companies (SBIC) program provides debt and equity capital.
The budget proposes a program level of $4 billion for SBIC Participating
Securities and $3 billion for SBIC Debentures. The Microloan Direct
program provides loans of $35,000 or less through intermediaries.
The Master Reserve Fund (MRF) is maintained by the SBA's fiscal
agent as part of its Administration of the 7(a) secondary market
program. The MRF provides for the pooling of loans having terms that
vary with a range prescribed by SBA, while the secondary investors have
a fixed term for their investment that is the term of the longest loan
in the pool. The balances include the principal portion of the
borrowers' first payment for pooled loans and float on borrowers'
payments received prior to their disbursement to the secondary holders.
The earnings on the balances are used to fund the SBA's guarantee of the
timely payment of principal and interest owed to the 7(a) secondary
market holders and to pay expenses of the MRF trustee and investment
advisor.
To improve financial management of the MRF, SBA will budget for the
7(a) secondary market program in accordance with the Federal Credit
Reform Act. SBA will refine its subsidy estimates and account for loans
in both financing and liquidating accounts. The 7(a) secondary market
has approximately $12 billion of currently outstanding investments held
by 7(a) secondary holders.
Object Classification (in millions of dollars)
----------------------------------------------------------------------------
Identification code 73-1154-0-1-376 2002 actual 2003 est. 2004 est.
----------------------------------------------------------------------------
25.2 Other services.................... 129 129 129
41.0 Grants, subsidies, and
contributions................... 222 782 98
--------- --------- ----------
99.9 Total new obligations........... 351 911 227
---------------------------------------------------------------------------
[[Page 987]]
Business Direct Loan Financing Account
Program and Financing (in millions of dollars)
----------------------------------------------------------------------------
Identification code 73-4148-0-3-376 2002 actual 2003 est. 2004 est.
----------------------------------------------------------------------------
Obligations by program activity:
00.01 Direct loans...................... 16 27 20
00.02 Interest on Treasury borrowing.... 29 35 33
--------- --------- ----------
00.91 Direct Program by Activities--
Subtotal (1 level)............ 45 62 53
08.02 Payment of downward reestimate to
a receipt account............... 3 1
08.04 Payment of interest on downward
reestimate to a receipt account. 1 1
--------- --------- ----------
08.91 Direct Program by Activities--
Subtotal (1 level)............ 4 2
--------- --------- ----------
10.00 Total new obligations........... 49 64 53
----------------------------------------------------------------------------
Budgetary resources available for obligation:
21.40 Unobligated balance carried
forward, start of year.......... 317 309
22.00 New financing authority (gross)... 55 98 74
22.10 Resources available from
recoveries of prior year
obligations..................... 3
22.60 Portion applied to repay debt..... -17 -341 -21
--------- --------- ----------
23.90 Total budgetary resources
available for obligation...... 358 66 53
23.95 Total new obligations............. -49 -64 -53
24.40 Unobligated balance carried
forward, end of year............ 309
----------------------------------------------------------------------------
New financing authority (gross), detail:
Discretionary:
47.00 Authority to borrow............. 24 23 17
Spending authority from offsetting
collections:
68.00 Offsetting collections (cash)... 69 75 57
68.10 Change in receivables from
program account............... -38
--------- --------- ----------
68.90 Spending authority from
offsetting collections
(total discretionary)....... 31 75 57
--------- --------- ----------
70.00 Total new financing authority
(gross)....................... 55 98 74
----------------------------------------------------------------------------
Change in obligated balances:
72.40 Obligated balance, start of year.. 39 23 8
73.10 Total new obligations............. 49 64 53
73.20 Total financing disbursements
(gross)......................... -100 -80 -61
73.45 Recoveries of prior year
obligations..................... -3
74.00 Change in uncollected customer
payments from Federal sources
(unexpired)..................... 38
74.40 Obligated balance, end of year.... 23 8
87.00 Total financing disbursements
(gross)......................... 100 80 61
----------------------------------------------------------------------------
Offsets:
Against gross financing authority and
financing disbursements:
Offsetting collections (cash)
from:
Federal sources:
88.00 Federal sources: Payments
from program account...... -1 -2 -1
88.00 Upward reestimate........... -1 -2
88.00 Interest on reestimate...... -2
88.25 Interest on uninvested funds.. -12 -13 -14
Non-Federal sources:
88.40 Repayments of principal, net -16 -17 -18
88.40 Misc. fees.................. -1
88.40 Interest received on loans.. -2 -4 -3
88.40 Other income................ -36 -35 -21
--------- --------- ----------
88.90 Total, offsetting
collections (cash)........ -69 -75 -57
Against gross financing authority only:
88.95 Change in receivables from
program accounts.............. 38
----------------------------------------------------------------------------
Net financing authority and financing
disbursements:
89.00 Financing authority............... 24 23 17
90.00 Financing disbursements........... 31 5 4
---------------------------------------------------------------------------
Status of Direct Loans (in millions of dollars)
----------------------------------------------------------------------------
Identification code 73-4148-0-3-376 2002 actual 2003 est. 2004 est.
----------------------------------------------------------------------------
Position with respect to appropriations act
limitation on obligations:
1111 Limitation on direct loans........ 16 27 20
--------- --------- ----------
1150 Total direct loan obligations... 16 27 20
----------------------------------------------------------------------------
Cumulative balance of direct loans
outstanding:
1210 Outstanding, start of year........ 107 119 122
1231 Disbursements: Direct loan
disbursements................... 25 18 19
1251 Repayments: Repayments and
prepayments..................... -13 -10 -11
1263 Write-offs for default: Direct
loans........................... -5 -6
--------- --------- ----------
1290 Outstanding, end of year........ 119 122 124
---------------------------------------------------------------------------
As required by the Federal Credit Reform Act of 1990, as amended,
this non-budgetary account records all cash flows to and from the
Government resulting from direct loans obligated in 1992 and beyond
(including modifications of direct loans that resulted from obligations
in any year). The amounts in this account are a means of financing and
are not included in the budget totals.
Balance Sheet (in millions of dollars)
-----------------------------------------------------------------------------------------------
Identification code 73-4148-0-3-376 2001 actual 2002 actual 2003 est. 2004 est.
-----------------------------------------------------------------------------------------------
ASSETS:
Federal assets:
1101 Fund balances with Treasury..... 305 333 339 346
Investments in US securities:
1106 Receivables, net.............. 41 4 6 8
Non-Federal assets:
1206 Receivables, net................ 30 1 2 3
1207 Advances and prepayments........ 1
Net value of assets related to
post-1991 direct loans
receivable:
1401 Direct loans receivable, gross.. 107 119 122 124
1405 Allowance for subsidy cost (-).. -3 -10 -12 -14
------------ -------------- ------------ -------------
1499 Net present value of assets
related to direct loans..... 104 109 110 110
1504 Net value of assets related to
post-1991 acquired defaulted
guaranteed loans receivable:
Foreclosed property.............
------------ -------------- ------------ -------------
1999 Total assets.................... 480 448 457 467
LIABILITIES:
Federal liabilities:
2101 Accounts payable................ 43 1 3 5
2103 Debt............................ 437 443 451 459
2207 Non-Federal liabilities: Other.... 4 3 3
------------ -------------- ------------ -------------
2999 Total liabilities............... 480 448 457 467
------------ -------------- ------------ -------------
4999 Total liabilities and net position 480 448 457 467
-----------------------------------------------------------------------------------------------
Business Guaranteed Loan Financing Account
Program and Financing (in millions of dollars)
----------------------------------------------------------------------------
Identification code 73-4149-0-3-376 2002 actual 2003 est. 2004 est.
----------------------------------------------------------------------------
Obligations by program activity:
00.01 Default claims.................... 1,253 1,390 995
00.05 Other Expenses.................... 5 10 13
--------- --------- ----------
00.91 Direct Program by Activities--
Subtotal (1 level)............ 1,258 1,400 1,008
08.02 Payment of downward reestimate to
receipt account................. 298 222
08.03 Payment to liquidating account to
purchase loan assets (73-4154).. 19
08.04 Payment of interest on downward
reestimate to receipt account... 86 34
--------- --------- ----------
08.91 Direct Program by Activities--
Subtotal (1 level)............ 403 256
--------- --------- ----------
10.00 Total new obligations........... 1,661 1,656 1,008
----------------------------------------------------------------------------
Budgetary resources available for obligation:
21.40 Unobligated balance carried
forward, start of year.......... 136 183 292
22.00 New financing authority (gross)... 1,708 1,764 931
--------- --------- ----------
23.90 Total budgetary resources
available for obligation...... 1,844 1,947 1,223
23.95 Total new obligations............. -1,661 -1,656 -1,008
24.40 Unobligated balance carried
forward, end of year............ 183 292 215
----------------------------------------------------------------------------
New financing authority (gross), detail:
Discretionary:
47.00 Authority to borrow............. 850 150 250
Spending authority from offsetting
collections:
68.00 Offsetting collections (cash)... 872 1,614 681
[[Page 988]]
68.10 Change in uncollected customer
payments from Federal sources
(unexpired)................... -14
--------- --------- ----------
68.90 Spending authority from
offsetting collections
(total discretionary)....... 858 1,614 681
--------- --------- ----------
70.00 Total new financing authority
(gross)....................... 1,708 1,764 931
----------------------------------------------------------------------------
Change in obligated balances:
72.40 Obligated balance, start of year.. -8 69 98
73.10 Total new obligations............. 1,661 1,656 1,008
73.20 Total financing disbursements
(gross)......................... -1,598 -1,627 -907
74.00 Change in uncollected customer
payments from Federal sources
(unexpired)..................... 14
74.40 Obligated balance, end of year.... 69 98 199
87.00 Total financing disbursements
(gross)......................... 1,598 1,627 907
----------------------------------------------------------------------------
Offsets:
Against gross financing authority and
financing disbursements:
Offsetting collections (cash)
from:
Federal sources:
88.00 Payments from program
account................... -124 -107 -94
88.00 Upward reestimate........... -72 -526
88.00 Interest on reestimate...... -19 -163
88.25 Interest on uninvested funds.. -45 -48 -48
Non-Federal sources:
88.40 Fees........................ -314 -300 -35
88.40 Recoveries.................. -209 -279 -302
88.40 Proceeds from loan asset
sales..................... -53
88.40 Other....................... -36 -191 -202
--------- --------- ----------
88.90 Total, offsetting
collections (cash)........ -872 -1,614 -681
Against gross financing authority only:
88.95 Change in receivables from
program accounts.............. 14
----------------------------------------------------------------------------
Net financing authority and financing
disbursements:
89.00 Financing authority............... 850 150 250
90.00 Financing disbursements........... 726 13 226
---------------------------------------------------------------------------
Status of Guaranteed Loans (in millions of dollars)
----------------------------------------------------------------------------
Identification code 73-4149-0-3-376 2002 actual 2003 est. 2004 est.
----------------------------------------------------------------------------
Position with respect to appropriations act
limitation on commitments:
2111 Limitation on guaranteed loans
made by private lenders......... 15,266 18,983 20,802
--------- --------- ----------
2150 Total guaranteed loan
commitments................... 15,266 18,983 20,802
2199 Guaranteed amount of guaranteed
loan commitments................ 12,213 15,186 16,642
----------------------------------------------------------------------------
Cumulative balance of guaranteed loans
outstanding:
2210 Outstanding, start of year........ 35,107 40,023 41,933
2231 Disbursements of new guaranteed
loans........................... 12,342 10,111 10,741
2251 Repayments and prepayments........ -7,427 -7,481 -8,138
Adjustments:
2261 Terminations for default that
result in loans receivable.... -922 -684 -698
2264 Other adjustments, net.......... 923 -36 -37
--------- --------- ----------
2290 Outstanding, end of year........ 40,023 41,933 43,801
----------------------------------------------------------------------------
Memorandum:
2299 Guaranteed amount of guaranteed
loans outstanding, end of year.. 32,018 33,546 35,041
----------------------------------------------------------------------------
Addendum:
Cumulative balance of defaulted guaranteed
loans that result in loans receivable:
2310 Outstanding, start of year...... 966 1,304 1,556
2331 Disbursements for guaranteed
loan claims................... 922 684 698
2351 Repayments of loans receivable.. -212 -218 -223
2361 Write-offs of loans receivable.. -105 -74 -75
2364 Other adjustments, net.......... -267 -140 -143
--------- --------- ----------
2390 Outstanding, end of year...... 1,304 1,556 1,813
---------------------------------------------------------------------------
As required by the Federal Credit Reform Act of 1990, as amended,
this non-budgetary account records all cash flows to and from the
Government resulting from loan guarantees committed in 1992 and beyond
(including modifications of loan guarantees that resulted from
commitments in any year). The amounts in this account are a means of
financing and are not included in the budget totals.
Balance Sheet (in millions of dollars)
-----------------------------------------------------------------------------------------------
Identification code 73-4149-0-3-376 2001 actual 2002 actual 2003 est. 2004 est.
-----------------------------------------------------------------------------------------------
ASSETS:
Federal assets:
1101 Fund balances with Treasury..... 924 253 360 490
Investments in US securities:
1106 Receivables, net.............. 179 669 799 700
Non-Federal assets:
1206 Receivables, net................ 61 76 61
1207 Advances and prepayments........ 245 2
Net value of assets related to
post-1991 acquired defaulted
guaranteed loans receivable:
1501 Defaulted guaranteed loans
receivable, gross............. 966 1,304 1,556 1,813
1505 Allowance for subsidy cost (-).. -32 -36 -90 -95
------------ -------------- ------------ -------------
1599 Net present value of assets
related to defaulted
guaranteed loans............ 934 1,268 1,466 1,718
1901 Other Federal assets: Public and
other........................... 238 377 143
------------ -------------- ------------ -------------
1999 Total assets.................... 2,520 2,628 2,846 2,969
LIABILITIES:
Federal liabilities:
2101 Accounts payable................ 73 89 75
2103 Debt............................ 850 875 900
2105 Other........................... 251 238 338
Non-Federal liabilities:
2201 Accounts payable................ 103 115 147
2204 Liabilities for loan guarantees. 2,520 1,358 1,455 1,458
2207 Other........................... -7 74 51
------------ -------------- ------------ -------------
2999 Total liabilities............... 2,520 2,628 2,846 2,969
------------ -------------- ------------ -------------
4999 Total liabilities and net position 2,520 2,628 2,846 2,969
-----------------------------------------------------------------------------------------------
Business Loan Fund Liquidating Account
Program and Financing (in millions of dollars)
----------------------------------------------------------------------------
Identification code 73-4154-0-3-376 2002 actual 2003 est. 2004 est.
----------------------------------------------------------------------------
Obligations by program activity:
00.01 Interest Expense to Treasury...... 15 8 5
00.03 Msc. program expenses............. 45 85 60
00.05 Guaranteed loan default claims.... 414 147 85
--------- --------- ----------
10.00 Total new obligations........... 474 240 150
----------------------------------------------------------------------------
Budgetary resources available for obligation:
21.40 Unobligated balance carried
forward, start of year.......... 289 257
22.00 New budget authority (gross)...... 175 113 85
22.10 Resources available from
recoveries of prior year
obligations..................... 647 76
22.40 Capital transfer to general fund.. -350 -115
22.60 Portion applied to repay debt to
FFB............................. -30 -15 -11
--------- --------- ----------
23.90 Total budgetary resources
available for obligation...... 731 240 150
23.95 Total new obligations............. -474 -240 -150
24.40 Unobligated balance carried
forward, end of year............ 257
----------------------------------------------------------------------------
New budget authority (gross), detail:
Mandatory:
69.00 Offsetting collections (cash)... 171 113 85
69.10 Change in uncollected customer
payments from Federal sources
(unexpired)................... 4
--------- --------- ----------
69.90 Spending authority from
offsetting collections
(total mandatory)........... 175 113 85
----------------------------------------------------------------------------
Change in obligated balances:
72.40 Obligated balance, start of year.. 388 109 259
73.10 Total new obligations............. 474 240 150
73.20 Total outlays (gross)............. -102 -90 -68
[[Page 989]]
73.45 Recoveries of prior year
obligations..................... -647 -76
74.00 Change in uncollected customer
payments from Federal sources
(unexpired)..................... -4
74.40 Obligated balance, end of year.... 109 259 265
----------------------------------------------------------------------------
Outlays (gross), detail:
86.97 Outlays from new mandatory
authority....................... 102 90 68
----------------------------------------------------------------------------
Offsets:
Against gross budget authority and outlays:
Offsetting collections (cash)
from:
Loan repayments:
Non-Federal sources:
88.40 Financing programs-
principal............... -44 -32 -24
88.40 Investment programs-
principal............... -20 -11 -8
88.40 Interest Income-Business.. -5 -4 -3
88.40 Interest income-Investment -3 -2 -1
88.40 collection on FFB loans... -30 -15 -11
88.40 Other Income-both Business
and Investment.......... -50 -49 -38
88.40 Asset sale proceeds....... -19
--------- --------- ----------
88.90 Total, offsetting
collections (cash)........ -171 -113 -85
Against gross budget authority only:
88.95 Change in uncollected customer
payments from Federal sources
(unexpired)................... -4
----------------------------------------------------------------------------
Net budget authority and outlays:
89.00 Budget authority..................
90.00 Outlays........................... -68 -23 -17
---------------------------------------------------------------------------
Status of Direct Loans (in millions of dollars)
----------------------------------------------------------------------------
Identification code 73-4154-0-3-376 2002 actual 2003 est. 2004 est.
----------------------------------------------------------------------------
Business Loan Fund, Direct
Loans
Cumulative balance of direct loans
outstanding:
1210 Outstanding, start of year........ 204 148 113
1232 Disbursements: Purchase of loans
assets from the public.......... 7 11 10
Repayments:
1251 Repayments and prepayments...... -44 -35 -32
1252 Proceeds from loan asset sales
to the public or discounted... -6
1262 Adjustments: Discount on loan
asset sales to the public or
discounted......................
1263 Write-offs for default: Direct
loans........................... -13 -11 -9
--------- --------- ----------
1290 Outstanding, end of year........ 148 113 82
----------------------------------------------------------------------------
Small Business Investment
Company, Direct Loans
Section 503 Development
Company, Direct Loans
Cumulative balance of direct loans
outstanding:
1210 Outstanding, start of year........ 133 103 88
1251 Repayments: Repayments and
prepayments..................... -30 -15 -11
--------- --------- ----------
1290 Outstanding, end of year........ 103 88 77
---------------------------------------------------------------------------
Status of Guaranteed Loans (in millions of dollars)
----------------------------------------------------------------------------
Identification code 73-4154-0-3-376 2002 actual 2003 est. 2004 est.
----------------------------------------------------------------------------
Business Loan Fund, Loan
Guarantees
Cumulative balance of guaranteed loans
outstanding:
2210 Outstanding, start of year........ 1,501 1,067 812
2251 Repayments and prepayments........ -418 -244 -191
Adjustments:
2261 Terminations for default that
result in loans receivable.... -11 -11 -10
2264 Other adjustments, net.......... -5
--------- --------- ----------
2290 Outstanding, end of year........ 1,067 812 611
----------------------------------------------------------------------------
Memorandum:
2299 Guaranteed amount of guaranteed
loans outstanding, end of year.. 938 715 538
----------------------------------------------------------------------------
Addendum:
Cumulative balance of defaulted guaranteed
loans that result in loans receivable:
2310 Outstanding, start of year...... 378 357 328
2331 Disbursements for guaranteed
loan claims................... 11 11 10
2351 Repayments of loans receivable.. -18 -24 -19
2361 Write-offs of loans receivable.. -6 -11 -8
2364 Other adjustments, net.......... -8 -5 -4
--------- --------- ----------
2390 Outstanding, end of year...... 357 328 307
---------------------------------------------------------------------------
As required by the Federal Credit Reform Act of 1990, as amended,
this account records, for this program, all cash flows to and from the
Government resulting from direct loans obligated and loan guarantees
committed prior to 1992. This account is shown on a cash basis. All new
activity in this program in 1992 and beyond (including modifications of
direct loans or loan guarantees that resulted from obligations or
commitments in any year) is recorded in corresponding program and
financing accounts.
Statement of Operations (in millions of dollars)
-----------------------------------------------------------------------------------------------
Identification code 73-4154-0-3-376 2001 actual 2002 actual 2003 est. 2004 est.
-----------------------------------------------------------------------------------------------
0101 Revenue........................... 24 26 20 15
0102 Expense........................... -154 -22 -16 -10
------------ -------------- ------------ -------------
0105 Net income or loss (-)............ -130 4 4 5
-----------------------------------------------------------------------------------------------
Balance Sheet (in millions of dollars)
-----------------------------------------------------------------------------------------------
Identification code 73-4154-0-3-376 2001 actual 2002 actual 2003 est. 2004 est.
-----------------------------------------------------------------------------------------------
ASSETS:
Federal assets:
1101 Fund balances with Treasury..... 676 365 254 225
Investments in US securities:
1104 Agency securities, par........ 490
1106 Receivables, net.............. 5 4 3
1107 Advances and prepayments...... 3 4 2 1
Non-Federal assets:
1206 Receivables, net................ 50 12 59 49
1207 Advances and prepayments........ 8 2
Net value of assets related to
pre-1992 direct loans
receivable and acquired
defaulted guaranteed loans
receivable:
1601 Direct loans, gross............. 337 251 202 160
1603 Allowance for estimated
uncollectible loans and
interest (-).................. -26 -74 -30 -8
------------ -------------- ------------ -------------
1699 Value of assets related to
direct loans................ 311 177 172 152
Other Federal assets:
Other assets:
1901 Other assets.................. 88 207 30 13
1901 Other assets 7(a) secondary
market...................... 296 296 296
------------ -------------- ------------ -------------
1999 Total assets.................... 1,626 1,066 819 739
LIABILITIES:
Federal liabilities:
2101 Accounts payable................ 27 19 15 39
2102 Interest payable................ 73 62 50
2103 Debt to the FFB................. 133 29 15 11
2105 Other Liabilities............... 987 380 156 146
Non-Federal liabilities:
2201 Accounts payable................ 4 233 35 25
Liabilities for loan guarantees:
2204 Liabilities for loan
guarantees.................. 12 6
2204 Liabilities for 7(a) secondary
market...................... 314 314 314
2207 Other Liabilities............... 475 36 228 166
------------ -------------- ------------ -------------
2999 Total liabilities............... 1,626 1,084 837 757
NET POSITION:
3300 Cumulative results of operations.. -18 -18 -18
------------ -------------- ------------ -------------
3999 Total net position.............. -18 -18 -18
------------ -------------- ------------ -------------
4999 Total liabilities and net position 1,626 1,066 819 739
-----------------------------------------------------------------------------------------------
Object Classification (in millions of dollars)
----------------------------------------------------------------------------
Identification code 73-4154-0-3-376 2002 actual 2003 est. 2004 est.
----------------------------------------------------------------------------
42.0 Insurance claims and indemnities.. 459 232 145
43.0 Interest and dividends............ 15 8 5
--------- --------- ----------
99.9 Total new obligations........... 474 240 150
---------------------------------------------------------------------------
[[Page 990]]
Disaster Loans Program Account
For the cost of direct loans authorized by section 7(b) of the Small
Business Act, as amended, $79,109,000, to remain available until
expended: Provided, That such costs, including the cost of modifying
such loans, shall be as defined in section 502 of the Congressional
Budget Act of 1974, as amended.
In addition, for administrative expenses to carry out the direct
loan program, $118,354,000, which may be transferred to and merged with
appropriations for Salaries and Expenses, of which $500,000 is for the
Office of Inspector General of the Small Business Administration for
audits and reviews of disaster loans and the disaster loan program and
shall be transferred to and merged with appropriations for the Office of
Inspector General; of which $108,000,000 is for direct administrative
expenses of loan making and servicing to carry out the direct loan
program; and of which $9,854,000 is for indirect administrative
expenses: Provided, That any amount in excess of $9,854,000 to be
transferred to and merged with appropriations for Salaries and Expenses
for indirect administrative expenses shall be treated as a reprogramming
of funds under section 605 of this Act and shall not be available for
obligation or expenditure except in compliance with the procedures set
forth in that section.
Note.--A regular 2003 appropriation for this account had not been
enacted at the time the budget was prepared; therefore, this account is
operating under a continuing resolution (P.L. 107-229, as amended). The
amounts included for 2003 in this budget reflect the Administration's
2003 policy proposals.
General Fund Credit Receipt Accounts (in millions of dollars)
----------------------------------------------------------------------------
Identification code 73-1152-0-1-453 2002 actual 2003 est. 2004 est.
----------------------------------------------------------------------------
0102 Disaster loans program, downward
reestimates of subsidies........ 14 42
---------------------------------------------------------------------------
Program and Financing (in millions of dollars)
----------------------------------------------------------------------------
Identification code 73-1152-0-1-453 2002 actual 2003 est. 2004 est.
----------------------------------------------------------------------------
Obligations by program activity:
00.01 Direct loan subsidy............... 217 76 79
00.05 Upward reestimate of direct loans. 305
00.06 Interest on upward reestimates of
direct loans.................... 163
00.09 Administrative expense............ 157 122 118
--------- --------- ----------
00.91 Direct Program by Activities--
Subtotal (1 level)............ 374 666 197
08.03 Gain sharing to Salaries.......... 3
--------- --------- ----------
10.00 Total new obligations........... 374 669 197
----------------------------------------------------------------------------
Budgetary resources available for obligation:
21.40 Unobligated balance carried
forward, start of year.......... 131 71 73
22.00 New budget authority (gross)...... 282 665 198
22.10 Resources available from
recoveries of prior year
obligations..................... 32 6
--------- --------- ----------
23.90 Total budgetary resources
available for obligation...... 445 742 271
23.95 Total new obligations............. -374 -669 -197
24.40 Unobligated balance carried
forward, end of year............ 71 73 74
----------------------------------------------------------------------------
New budget authority (gross), detail:
Discretionary:
Appropriation:
40.00 Appropriation................. 210 194 198
40.00 Appropriation-Terrorism....... 75
41.00 Transferred to other accounts... -3
--------- --------- ----------
43.00 Appropriation (total
discretionary).............. 282 194 198
Mandatory:
60.00 Appropriation................... 468
Discretionary:
68.00 Spending authority from
offsetting collections:
Offsetting collections (cash). 3
--------- --------- ----------
70.00 Total new budget authority
(gross)....................... 282 665 198
----------------------------------------------------------------------------
Change in obligated balances:
72.40 Obligated balance, start of year.. 68 38 12
73.10 Total new obligations............. 374 669 197
73.20 Total outlays (gross)............. -372 -689 -198
73.45 Recoveries of prior year
obligations..................... -32 -6
74.40 Obligated balance, end of year.... 38 12 11
----------------------------------------------------------------------------
Outlays (gross), detail:
86.90 Outlays from new discretionary
authority....................... 217 151 152
86.93 Outlays from discretionary
balances........................ 155 70 46
86.97 Outlays from new mandatory
authority....................... 468
--------- --------- ----------
87.00 Total outlays (gross)........... 372 689 198
----------------------------------------------------------------------------
Offsets:
Against gross budget authority and outlays:
88.00 Offsetting collections (cash)
from: Federal sources......... -3
----------------------------------------------------------------------------
Net budget authority and outlays:
89.00 Budget authority.................. 282 662 198
90.00 Outlays........................... 372 686 198
----------------------------------------------------------------------------
Additional net budget authority and outlays to cover cost of fully accruing
retirement:
99.00 Budget authority.................. 3 3 3
99.01 Outlays........................... 3 3 3
---------------------------------------------------------------------------
Summary of Loan Levels, Subsidy Budget Authority and Outlays by Program
(in millions of dollars)
----------------------------------------------------------------------------
Identification code 73-1152-0-1-453 2002 actual 2003 est. 2004 est.
----------------------------------------------------------------------------
Direct loan levels supportable by subsidy
budget authority:
115001Disaster Loan..................... 844 544 760
115001EIDL Terrorist Attack............. 375 169
115001PHY Terrorist Attack.............. 43 18
--------- --------- ----------
115901Total direct loan levels.......... 1,262 731 760
Direct loan subsidy (in percent):
132001Direct loan levels................ 14.67 13.98 11.72
132001Direct Loans -EIDL Terrorist
attack.......................... 23.16 23.20 0.00
132001PHY Terrorist Attack.............. 14.67 13.98 0.00
--------- --------- ----------
132901Weighted average subsidy rate..... 17.19 16.14 10.39
Direct loan subsidy budget authority:
133001Direct loan levels................ 124 76 79
133001Direct Loans -EIDL Terrorist
attack.......................... 87 39
133001PHY Terrorist Attack.............. 6 3
--------- --------- ----------
133901Total subsidy budget authority.... 217 118 79
Direct loan subsidy outlays:
134001Direct loan levels................ 124 89 76
134001Direct Loans -EIDL Terrorist
attack.......................... 87 12
134001Direct loan -PHY Terrorist attack. 6
--------- --------- ----------
134901Total subsidy outlays............. 217 101 76
Direct loan upward reestimate subsidy budget
authority:
135001Direct loan levels................ 468
--------- --------- ----------
135901Total upward reestimate budget
authority....................... 468
Direct loan upward reestimate subsidy outlays:
136001Direct loan levels................ 468
--------- --------- ----------
136901Total upward reestimate outlays... 468
Direct loan downward reestimate subsidy budget
authority:
137001Disaster Loan..................... -14 -42
--------- --------- ----------
137901Total downward reestimate budget
authority....................... -14 -42
Direct loan downward reestimate subsidy
outlays:
138001Disaster Loan..................... -14 -42
--------- --------- ----------
138901Total downward reestimate subsidy
outlays......................... -14 -42
----------------------------------------------------------------------------
Administrative expense data:
351001Budget authority.................. 101 122 118
351001Budget authority for terrorists
attack..........................
359001Outlays from new authority........ 101 122 118
359001Outlays from new authority for
terrorist attack................
---------------------------------------------------------------------------
As required by the Federal Credit Reform Act of 1990, as amended,
this account records, for loans made pursuant to section 7(b) of the
Small Business Act, as amended, the subsidy costs associated with the
direct loans obligated in 1992 and beyond (including modifications of
direct loans or loan guarantees that resulted from obligations or
commitments in any year), as well as administrative expenses of this
program. The subsidy amounts are estimated on a present value basis; the
administrative expenses are estimated on a cash basis.
[[Page 991]]
Disaster loans made pursuant to Section 7(b) of the Small Business
Act are the primary form of Federal assistance for non-farm, private
sector disaster losses. For this reason, the program is the only form of
SBA assistance not limited to small businesses. Through this program,
SBA helps homeowners, renters, businesses of all sizes, and non-profit
organizations pay for the cost of rebuilding. Pursuant to the Small
Business Act, the government subsidizes borrowers who have incurred
uninsured losses or economic injury as the result of a natural disaster.
For 2004, SBA will rely on anticipated carry-over balances of $0
million from 2003 plus $10 million in recoveries to support $760 million
in loans. The subsidy rate is 11.72 percent.
Object Classification (in millions of dollars)
----------------------------------------------------------------------------
Identification code 73-1152-0-1-453 2002 actual 2003 est. 2004 est.
----------------------------------------------------------------------------
25.2 Other services.................... 157 122 118
41.0 Grants, subsidies, and
contributions................... 217 547 79
--------- --------- ----------
99.9 Total new obligations........... 374 669 197
---------------------------------------------------------------------------
Disaster Direct Loan Financing Account
Program and Financing (in millions of dollars)
----------------------------------------------------------------------------
Identification code 73-4150-0-3-453 2002 actual 2003 est. 2004 est.
----------------------------------------------------------------------------
Obligations by program activity:
00.01 Direct loans...................... 1,236 1,110 1,331
00.02 Interest on Treasury borrowing.... 683 696 705
--------- --------- ----------
00.91 Direct Program by Activities--
Subtotal (1 level)............ 1,919 1,806 2,036
08.02 Payment of downward reestimate to
a receipt account............... 14 39
08.03 Payment to liquidating account to
purchase loan assets (73 4153).. 80 70 7
08.04 Payment of interest on downward
reestimate to a receipt account. 3
--------- --------- ----------
08.91 Direct Program by Activities--
Subtotal (1 level)............ 94 112 7
--------- --------- ----------
10.00 Total new obligations........... 2,013 1,918 2,043
----------------------------------------------------------------------------
Budgetary resources available for obligation:
21.40 Unobligated balance carried
forward, start of year.......... 5,684 5,468
22.00 New financing authority (gross)... 3,100 3,480 3,175
22.10 Resources available from
recoveries of prior year
obligations..................... 182
22.60 Portion applied to repay debt..... -1,485 -7,030 -1,132
--------- --------- ----------
23.90 Total budgetary resources
available for obligation...... 7,481 1,918 2,043
23.95 Total new obligations............. -2,013 -1,918 -2,043
24.40 Unobligated balance carried
forward, end of year............ 5,468
----------------------------------------------------------------------------
New financing authority (gross), detail:
Discretionary:
47.00 Authority to borrow............. 1,294 788 1,175
Spending authority from offsetting
collections:
68.00 Offsetting collections (cash)... 2,093 2,692 2,000
68.10 Change in uncollected customer
payments from Federal sources
(unexpired)................... -287
--------- --------- ----------
68.90 Spending authority from
offsetting collections
(total discretionary)....... 1,806 2,692 2,000
--------- --------- ----------
70.00 Total new financing authority
(gross)....................... 3,100 3,480 3,175
----------------------------------------------------------------------------
Change in obligated balances:
72.40 Obligated balance, start of year.. 612 204 42
73.10 Total new obligations............. 2,013 1,918 2,043
73.20 Total financing disbursements
(gross)......................... -2,526 -2,080 -2,043
73.45 Recoveries of prior year
obligations..................... -182
74.00 Change in uncollected customer
payments from Federal sources
(unexpired)..................... 287
74.40 Obligated balance, end of year.... 204 42 42
87.00 Total financing disbursements
(gross)......................... 2,526 2,080 2,043
----------------------------------------------------------------------------
Offsets:
Against gross financing authority and
financing disbursements:
Offsetting collections (cash)
from:
Federal sources:
88.00 Payments from program
account................... -217 -101 -76
88.00 Upward reestimate........... -305
88.00 Interest on upward
reestimate................ -163
88.25 Interest on uninvested funds.. -436 -445 -465
Non-Federal sources:
88.40 Repayments of principal, net -490 -498 -508
88.40 Collection of misc.
receivables............... -162 -165 -168
88.40 Interest received on loans.. -79 -84 -88
88.40 Proceeds from loan sales.... -709 -931 -695
--------- --------- ----------
88.90 Total, offsetting
collections (cash)........ -2,093 -2,692 -2,000
Against gross financing authority only:
88.95 Change in receivables from
program accounts.............. 287
----------------------------------------------------------------------------
Net financing authority and financing
disbursements:
89.00 Financing authority............... 1,294 788 1,175
90.00 Financing disbursements........... 433 -612 43
---------------------------------------------------------------------------
Status of Direct Loans (in millions of dollars)
----------------------------------------------------------------------------
Identification code 73-4150-0-3-453 2002 actual 2003 est. 2004 est.
----------------------------------------------------------------------------
Position with respect to appropriations act
limitation on obligations:
1111 Limitation on direct loans........
1131 Direct loan obligations exempt
from limitation................. 1,272 795 760
--------- --------- ----------
1150 Total direct loan obligations... 1,272 795 760
----------------------------------------------------------------------------
Cumulative balance of direct loans
outstanding:
1210 Outstanding, start of year........ 3,288 3,644 3,211
Disbursements:
1231 Direct loan disbursements....... 1,226 713 684
1233 Purchase of loans assets from a
liquidating account........... 80 116 7
Repayments:
1251 Repayments and prepayments...... -368 -146 -149
1252 Proceeds from loan asset sales
to the public or discounted... -461 -863 -500
1262 Adjustments: Discount on loan
asset sales to the public or
discounted...................... -84 -212 -185
Write-offs for default:
1263 Direct loans.................... -73 -41 -41
1264 Other adjustments, net.......... 36
--------- --------- ----------
1290 Outstanding, end of year........ 3,644 3,211 3,027
---------------------------------------------------------------------------
As required by the Federal Credit Reform Act of 1990, as amended,
this non-budgetary account records all cash flows to and from the
Government resulting from direct loans obligated in 1992 and beyond
(including modifications of direct loans that resulted from obligations
in any year). The amounts in this account are a means of financing and
are not included in the budget totals.
Balance Sheet (in millions of dollars)
-----------------------------------------------------------------------------------------------
Identification code 73-4150-0-3-453 2001 actual 2002 actual 2003 est. 2004 est.
-----------------------------------------------------------------------------------------------
ASSETS:
Federal assets:
1101 Fund balances with Treasury..... 5,072 5,672 3,000 3,095
Investments in US securities:
1106 Interest/Accounts Receivables. 1,094 512 517 426
Net value of assets related to
post-1991 direct loans
receivable:
1401 Direct loans receivable, gross.. 5,212 3,644 3,211 3,027
1405 Allowance for subsidy cost (-).. -931 35 -32 -33
------------ -------------- ------------ -------------
1499 Net present value of assets
related to direct loans..... 4,281 3,679 3,179 2,994
------------ -------------- ------------ -------------
1999 Total assets.................... 10,447 9,863 6,696 6,515
LIABILITIES:
Federal liabilities:
2103 Debt............................ 10,447 9,742 6,270 6,283
2105 Other........................... 41 153 85
Non-Federal liabilities:
2201 Accounts payable................ 75 188 51
2207 Other........................... 5 85 96
------------ -------------- ------------ -------------
[[Page 992]]
2999 Total liabilities............... 10,447 9,863 6,696 6,515
------------ -------------- ------------ -------------
4999 Total liabilities and net position 10,447 9,863 6,696 6,515
-----------------------------------------------------------------------------------------------
Disaster Loan Fund Liquidating Account
Program and Financing (in millions of dollars)
----------------------------------------------------------------------------
Identification code 73-4153-0-3-453 2002 actual 2003 est. 2004 est.
----------------------------------------------------------------------------
Obligations by program activity:
01.01 Interest expense to Treasury...... 9 4 3
01.03 Other expenses.................... 14 21 8
--------- --------- ----------
10.00 Total new obligations........... 23 25 11
----------------------------------------------------------------------------
Budgetary resources available for obligation:
21.40 Unobligated balance carried
forward, start of year.......... 308 113
22.00 New budget authority from
offsetting collections (gross).. 136 86 11
22.40 Capital transfer to general fund.. -308 -174
--------- --------- ----------
23.90 Total budgetary resources
available for obligation...... 136 25 11
23.95 Total new obligations............. -23 -25 -11
24.40 Unobligated balance carried
forward, end of year............ 113
----------------------------------------------------------------------------
New budget authority (gross), detail:
Mandatory:
69.00 Offsetting collections (cash)... 124 86 11
69.10 Change in uncollected customer
payments from Federal sources
(unexpired)................... 12
--------- --------- ----------
69.90 Spending authority from
offsetting collections
(total mandatory)........... 136 86 11
----------------------------------------------------------------------------
Change in obligated balances:
72.40 Obligated balance, start of year.. 25 11 22
73.10 Total new obligations............. 23 25 11
73.20 Total outlays (gross)............. -25 -14 -2
74.00 Change in uncollected customer
payments from Federal sources
(unexpired)..................... -12
74.40 Obligated balance, end of year.... 11 22 31
----------------------------------------------------------------------------
Outlays (gross), detail:
86.97 Outlays from new mandatory
authority....................... 25 14 2
----------------------------------------------------------------------------
Offsets:
Against gross budget authority and outlays:
Offsetting collections (cash)
from:
Non-Federal sources:
88.40 Asset Sale Proceeds......... -80 -70 -7
88.40 Loan repayments............. -40 -13 -2
88.40 Interest income............. -1 -1 -1
88.40 Other collection of
Principal................. -3 -2 -1
--------- --------- ----------
88.90 Total, offsetting
collections (cash)........ -124 -86 -11
Against gross budget authority only:
88.95 Change in uncollected customer
payments from Federal sources
(unexpired)................... -12
----------------------------------------------------------------------------
Net budget authority and outlays:
89.00 Budget authority..................
90.00 Outlays........................... -99 -72 -9
---------------------------------------------------------------------------
Status of Direct Loans (in millions of dollars)
----------------------------------------------------------------------------
Identification code 73-4153-0-3-453 2002 actual 2003 est. 2004 est.
----------------------------------------------------------------------------
Cumulative balance of direct loans
outstanding:
1210 Outstanding, start of year........ 248 100 11
Repayments:
1251 Repayments and prepayments...... -40 -13 -2
1252 Proceeds from loan asset sales
to the public or discounted... -56 -73 -7
1262 Adjustments: Discount on loan
asset sales to the public or
discounted...................... -24
1263 Write-offs for default: Direct
loans........................... -28 -3 -1
--------- --------- ----------
1290 Outstanding, end of year........ 100 11 1
---------------------------------------------------------------------------
As required by the Federal Credit Reform Act of 1990, as amended,
this account records, for this program, all cash flows to and from the
Government resulting from direct loans obligated prior to 1992. This
account is shown on a cash basis. All new activity in this program in
1992 and beyond (including modifications of direct loans or loan
guarantees that resulted from obligations or commitments in any year) is
recorded in corresponding program and financing accounts.
Statement of Operations (in millions of dollars)
-----------------------------------------------------------------------------------------------
Identification code 73-4153-0-3-453 2001 actual 2002 actual 2003 est. 2004 est.
-----------------------------------------------------------------------------------------------
0101 Revenue........................... 2 8 5 3
0102 Expense........................... -82 -48 -30 -15
------------ -------------- ------------ -------------
0105 Net income or loss (-)............ -80 -40 -25 -12
-----------------------------------------------------------------------------------------------
Balance Sheet (in millions of dollars)
-----------------------------------------------------------------------------------------------
Identification code 73-4153-0-3-453 2001 actual 2002 actual 2003 est. 2004 est.
-----------------------------------------------------------------------------------------------
ASSETS:
Federal assets:
1101 Fund balances with Treasury..... 36 124 20 10
Investments in US securities:
1106 Receivables, net.............. 12 6
1206 Non-Federal assets: Receivables,
net............................. 9
Net value of assets related to
pre-1992 direct loans
receivable and acquired
defaulted guaranteed loans
receivable:
1601 Direct loans, gross............. 248 100 11 1
1603 Allowance for estimated
uncollectible loans and
interest (-).................. -18 -11
------------ -------------- ------------ -------------
1699 Value of assets related to
direct loans................ 230 89 11 1
1901 Other Federal assets: Other assets 320 16 52
------------ -------------- ------------ -------------
1999 Total assets.................... 595 241 83 17
LIABILITIES:
Federal liabilities:
2101 Accounts payable................ 22 9 5 3
2105 Other........................... 565 104 54 8
Non-Federal liabilities:
2201 Accounts payable................ 4 127 18 5
2207 Other........................... 4 1 6 1
------------ -------------- ------------ -------------
2999 Total liabilities............... 595 241 83 17
------------ -------------- ------------ -------------
4999 Total liabilities and net position 595 241 83 17
-----------------------------------------------------------------------------------------------
Object Classification (in millions of dollars)
----------------------------------------------------------------------------
Identification code 73-4153-0-3-453 2002 actual 2003 est. 2004 est.
----------------------------------------------------------------------------
25.2 Other services.................... 14 21 8
43.0 Interest and dividends............ 9 4 3
--------- --------- ----------
99.9 Total new obligations........... 23 25 11
---------------------------------------------------------------------------
Pollution Control Equipment Fund Liquidating Account
Program and Financing (in millions of dollars)
----------------------------------------------------------------------------
Identification code 73-4147-0-3-376 2002 actual 2003 est. 2004 est.
----------------------------------------------------------------------------
Obligations by program activity:
00.01 Direct program.................... 3 3
--------- --------- ----------
10.00 Total new obligations (object
class 42.0)................... 3 3
----------------------------------------------------------------------------
Budgetary resources available for obligation:
21.40 Unobligated balance carried
forward, start of year.......... 3 3
22.00 New budget authority (gross)...... 3 3 3
22.40 Capital transfer to general fund.. -3 -3
--------- --------- ----------
23.90 Total budgetary resources
available for obligation...... 3 3 3
[[Page 993]]
23.95 Total new obligations............. -3 -3
24.40 Unobligated balance carried
forward, end of year............ 3
----------------------------------------------------------------------------
New budget authority (gross), detail:
Mandatory:
60.00 Appropriation................... 3 3 3
----------------------------------------------------------------------------
Change in obligated balances:
73.10 Total new obligations............. 3 3
73.20 Total outlays (gross)............. -3 -3
----------------------------------------------------------------------------
Outlays (gross), detail:
86.97 Outlays from new mandatory
authority....................... 3 3
----------------------------------------------------------------------------
Net budget authority and outlays:
89.00 Budget authority.................. 3 3 3
90.00 Outlays........................... 3 3
---------------------------------------------------------------------------
Status of Guaranteed Loans (in millions of dollars)
----------------------------------------------------------------------------
Identification code 73-4147-0-3-376 2002 actual 2003 est. 2004 est.
----------------------------------------------------------------------------
Cumulative balance of guaranteed loans
outstanding:
2210 Outstanding, start of year........ 16 12 8
2251 Repayments and prepayments........ -4 -3 -2
2261 Adjustments: Terminations for
default that result in loans
receivable...................... -1 -1
--------- --------- ----------
2290 Outstanding, end of year........ 12 8 5
----------------------------------------------------------------------------
Memorandum:
2299 Guaranteed amount of guaranteed
loans outstanding, end of year.. 12 8 5
----------------------------------------------------------------------------
Addendum:
Cumulative balance of defaulted guaranteed
loans that result in loans receivable:
2310 Outstanding, start of year...... 49 49 50
2331 Disbursements for guaranteed
loan claims................... 1 1
--------- --------- ----------
2390 Outstanding, end of year...... 49 50 51
---------------------------------------------------------------------------
Public Law 94-305 established this fund to alleviate the adverse
impact of pollution regulations on small businesses. As a result of the
elimination of tax exempt financing associated with the Pollution
Control Guaranteed program, no new activity is anticipated for this
program.
Statement of Operations (in millions of dollars)
-----------------------------------------------------------------------------------------------
Identification code 73-4147-0-3-376 2001 actual 2002 actual 2003 est. 2004 est.
-----------------------------------------------------------------------------------------------
0101 Revenue...........................
0102 Expense........................... -3
------------ -------------- ------------ -------------
0105 Net income or loss (-)............ -3
-----------------------------------------------------------------------------------------------
Balance Sheet (in millions of dollars)
-----------------------------------------------------------------------------------------------
Identification code 73-4147-0-3-376 2001 actual 2002 actual 2003 est. 2004 est.
-----------------------------------------------------------------------------------------------
ASSETS:
1101 Federal assets: Fund balances with
Treasury........................ 3 27 2
1206 Non-Federal assets: Receivables,
net............................. 5
1701 Net value of assets related to
pre-1992 direct loans receivable
and acquired defaulted
guaranteed loans receivable:
Defaulted guaranteed loans,
gross........................... 16 15
------------ -------------- ------------ -------------
1999 Total assets.................... 19 32 17
LIABILITIES:
2104 Federal liabilities: Resources
payable to Treasury............. 19 17
Non-Federal liabilities:
2201 Accounts payable................ 1
2207 Other........................... 31
------------ -------------- ------------ -------------
2999 Total liabilities............... 19 32 17
NET POSITION:
3300 Cumulative results of operations..
------------ -------------- ------------ -------------
3999 Total net position..............
------------ -------------- ------------ -------------
4999 Total liabilities and net position 19 32 17
-----------------------------------------------------------------------------------------------
Administrative Provision--Small Business Administration
Not to exceed 5 percent of any appropriation made available for the
current fiscal year for the Small Business Administration in this Act
may be transferred between such appropriations, but no such
appropriation shall be increased by more than 10 percent by any such
transfers: Provided, That any transfer pursuant to this paragraph shall
be treated as a reprogramming of funds under section 605 of this Act and
shall not be available for obligation or expenditure except in
compliance with the procedures set forth in that section.
General Fund Receipt Accounts
(in millions of dollars)
----------------------------------------------------------------------------
2002 actual 2003 est. 2004 est.
----------------------------------------------------------------------------
Offsetting receipts from the public:
73-272130 Disaster loan program,
Downward reestimates of subsidies... 14 42
73-272230 Business loan program,
Downward reestimates of subsidies... 389 258
--------- --------- ----------
General Fund Offsetting receipts from
the public............................. 403 300
---------------------------------------------------------------------------