THE SMALL BUSINESS ADMINISTRATION, SBA
SBA was founded through the Small Business Act of July, 1953 as an independent agency of the federal government of the United States of America. Its mission is to help the Americans initiate, build and grow businesses. It aids, counsels, assists and protects the interests of small businesses, maintains free competitive enterprise and strengthens the United States’ overall economy.
According to SBA, small businesses are crucial to the US economic recovery and strength, to building its future and maintaining its competitiveness in the global market. The SBA uses its extensive and diverse network of field officers and partnerships with public and private organizations to deliver its services throughout the …show more content…
As early as 1954, SBA was already guaranteeing bank loans to businesses, making direct business loans as well as providing loans to victims of natural disasters. It has worked since then to get government procurement contracts for small businesses in the United States.
The SBIC, Small Business Investment Company program was established in 1958. This program helped SBA license, regulate and help provide funds to operate venture capital and privately owned investment firms. According to SBA, this program specialized in providing long-term equity and debt investments to high-risk small businesses. SBIC was created to solve the inability of small businesses to get the credit needed for technological advancements.
In 1964, SBA established the Equal Opportunity Loan, (EOL), program. This program relaxed the collateral and credit requirements to accommodate all classes of people. It was largely aimed at alleviating poverty. New businesses from applicants living below the poverty level were given financial backing
PRAGMATIC FUNCTIONS
According to SBA, assistance is provided through the following four pragmatic …show more content…
It is a voice for small businesses that assesses the legislative and regulatory impact on small businesses. It also conducts extensive research on Small Businesses environments and the American small businesses.
SUPPORTIVE INITIATIVES
Currently, SBA offers an array of supportive initiatives and programs targeted at promoting entrepreneurship among all the American people. Some of these initiatives include:
The Cluster Initiative
SBA is investing in regional clusters across the United States in different types of industries including agriculture, energy, advanced defense technologies and manufacturing. These public-private partnerships are driving job creation and creating hubs for innovations.
Specialized Outreach to Minorities, Women, and Armed Forces Veterans
Outreaches target all the special groups of people in the United States by directly providing an array of incentives and platforms to allow for the successful start and management of small businesses. This is done through focused training on these groups, providing appropriate technical advice as well as the financial needs of small businesses.
GROWING SMALL
SBA was founded through the Small Business Act of July, 1953 as an independent agency of the federal government of the United States of America. Its mission is to help the Americans initiate, build and grow businesses. It aids, counsels, assists and protects the interests of small businesses, maintains free competitive enterprise and strengthens the United States’ overall economy.
According to SBA, small businesses are crucial to the US economic recovery and strength, to building its future and maintaining its competitiveness in the global market. The SBA uses its extensive and diverse network of field officers and partnerships with public and private organizations to deliver its services throughout the …show more content…
As early as 1954, SBA was already guaranteeing bank loans to businesses, making direct business loans as well as providing loans to victims of natural disasters. It has worked since then to get government procurement contracts for small businesses in the United States.
The SBIC, Small Business Investment Company program was established in 1958. This program helped SBA license, regulate and help provide funds to operate venture capital and privately owned investment firms. According to SBA, this program specialized in providing long-term equity and debt investments to high-risk small businesses. SBIC was created to solve the inability of small businesses to get the credit needed for technological advancements.
In 1964, SBA established the Equal Opportunity Loan, (EOL), program. This program relaxed the collateral and credit requirements to accommodate all classes of people. It was largely aimed at alleviating poverty. New businesses from applicants living below the poverty level were given financial backing
PRAGMATIC FUNCTIONS
According to SBA, assistance is provided through the following four pragmatic …show more content…
It is a voice for small businesses that assesses the legislative and regulatory impact on small businesses. It also conducts extensive research on Small Businesses environments and the American small businesses.
SUPPORTIVE INITIATIVES
Currently, SBA offers an array of supportive initiatives and programs targeted at promoting entrepreneurship among all the American people. Some of these initiatives include:
The Cluster Initiative
SBA is investing in regional clusters across the United States in different types of industries including agriculture, energy, advanced defense technologies and manufacturing. These public-private partnerships are driving job creation and creating hubs for innovations.
Specialized Outreach to Minorities, Women, and Armed Forces Veterans
Outreaches target all the special groups of people in the United States by directly providing an array of incentives and platforms to allow for the successful start and management of small businesses. This is done through focused training on these groups, providing appropriate technical advice as well as the financial needs of small businesses.
GROWING SMALL