More than $220 million in taxpayer dollars could potentially be freed up annually if the Small Business Administration got rid of its Small Business Development Center Program, according to a new study.

The study by the Applied Government Studies Center, a independent researcher of government programs, analyzed the SBDC's use of funds. According to its official website, SBDC provides "management assistance to current and prospective small business owners."

Getting rid of the program would not only save hundreds of millions annually, but it would do so without hurting the economy, the study said, in part because other government business assistance programs would still be available.

The SBDC "duplicates other sources of free small business counseling that receive no federal subsidy such as SCORE [Service Corp of Retired Executives], local economic development agencies and chambers of commerce," the report said.

Colleges and universities are granted money from the SBA in the SBDC program to "counsel" these small businesses. The fact that the money is granted with an emphasis on counseling hours instead of an economic return is a waste and poorly accounted for, the report says.

Go here to view the full report.