The Small Business Administration (SBA) was founded in 1953 to help and protect small businesses, offering loans, consulting, and government contracts for women, minorities, and veterans. The SBA has provided nearly 20 million loans and other forms of assistance to small business owners and is one of the most cost-effective government agencies.
SBA stands for the United States Small Business Administration, founded in July 1953. The vision for the Small Business Administration really began to take shape a few years before that time, largely in response to the economic turmoil created by the Depression. and World War II.
The Small Business Act of 1953 outlined the SBA’s mission as a program to help and protect small businesses. It also made it clear that the SBA must guarantee a fair percentage of government-owned contracts to small business owners. The stated mission of the SBA is “Maintaining and strengthening the nation’s economy by aiding, advising, assisting and protecting the interests of small businesses and helping families and businesses recover from national disasters.”
Today’s SBA initiatives also include loans, consulting and government contracts for women, minorities and veterans. Management is structured to offer loans, finance loans from other lenders, and advise small business owners with the help of various resource partners. These partners include SCORE – the Retired Executive Service Corps, Small Business Development Centers, Women’s Business Centers, the Business Veterans Outreach Program, and many SBA lenders. Counseling, training programs, and other resources are provided by the SBA in conjunction with these institutions.
From its inception to the turn of the century, the SBA has provided nearly twenty million loans, in addition to numerous other forms of assistance, to small business owners. Today, the administration still offers online classes for small business owners and has at least one office in each state. While some people complain that the SBA is unnecessary because they believe that small businesses cannot compete with large corporations, the SBA is a thriving program. It is not just the “largest single funder” of companies in this country; it is also one of the most cost-effective government agencies.
Small businesses create local jobs, revenue and exciting innovations brought to life by ambitious entrepreneurs. The Small Business Administration’s 3,000 employees and many resource partners stand behind them to ensure they have the opportunity to realize the American dream.
To learn more about the Small Business Administration’s inner workings and finances, review its Performance and Accountability Reports. You can find a link on the SBA website.
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