SBA stands for the Small Business Administration of the United States, which was founded in July, 1953. The vision for the Small Business Administration actually began to take form a number of years before that time, largely in response to economic turmoil created by the Depression and World War II.
The Small Business Act of 1953 outlined the mission of the SBA as a program to help and protect small businesses. It also made clear that the SBA must guarantee a fair percentage of government owned contracts to small business owners. The stated mission of the SBA is to "Maintain and strengthen the nation's economy by aiding, counseling, assisting and protecting the interests of small businesses and by helping families and businesses recover from national disasters."
Today's SBA initiatives also include loans, advice, and government contracts for women, minorities, and veterans. The Administration is structured to offer loans, to back loans from other lenders, and to counsel small business owners with the help of several resource partners. These partners include SCORE -the Service Corps of Retired Executives, Small Business Development Centers, Women's Business Centers, the Veterans' Business 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 through the turn of the century, the SBA has provided nearly twenty million loans along with various other forms of help for small business owners. Today, the Administration even offers online classes for small business owners and has at least one office in every state. While some people complain that the SBA is unnecessary, because they believe small companies cannot compete with large corporations, SBA is a thriving program. It is not only the "largest single financial backer" of businesses in this country; it is also one of the government's most cost efficient agencies.
Small businesses create local jobs, revenue, and exciting innovations brought to life by ambitious entrepreneurs. The Small Business Administration's three thousand employees and many resource partners are behind them to make sure they are afforded the opportunity to achieve the American dream.
To learn more about the inner workings and finances of the Small Business Administration, review its Performance and Accountability Reports. You can locate a link on the SBA website.
