The Small Business Administration announced a $109 million cut to its budget request at the Small Business Lending & Investment Summit on Capitol Hill, indicating that lower loan defaults are making it possible for the agency to back $23.8 billion in small-business funding with only $112 million in taxpayer subsidies. In contrast, the SBA asked for more than $350 million in subsidies last year to make up for bad loans made from 2005 to 2008.

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