SBDCNet National Information Clearinghouse
Budget axe mostly spares small-business group
A statewide small-business coaching group will keep its full $2.5 million in federal matching funds, following the Legislature's move this week to partially fund the New Jersey Small Business Development Centers.
The SBDC, which provides advice to small business at 17 locations across the state, was facing the loss of its entire $1 million state allocation under the budget originally proposed by Gov. Jon Corzine. On Tuesday, the Legislature moved to restore several of Corzine's cuts, including $500,000 for the SDBC.
Deborah Smarth, associate state director of the SBDC, said yesterday, "We're grateful to the Legislature for their support. We would like the full $1 million, but when you look at the whole budget, it's apparent that a lot of programs are being cut. "
James Kocsi, state district director for the U.S. Small Business Administration, said the $500,000 will allow the SBA to contribute the full $2.5 million in federal funds to the SBDC; if the entire $1 million in state funds had been denied, the SBDC would have lost $831,000 in federal money.
"It's unfortunate the state didn't fund them at a higher level," Kocsi said. "A 50 percent cut by the state is quite severe, and they are going to have to make some cuts in their services, without a doubt."
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