The SBA was officially established in 1953 as the U.S. Small Business Administration, although some would argue that the organization was around long before then. In fact, a similar organization existed in the 1930s to help small businesses get the funding they needed to survive the Great Depression. Eventually, it and a subsequent business support organization were abolished in favor of a congressionally-approved Small Business Administration.
Since its establishment, the SBA has worked to “aid, counsel, assist and protect, insofar as is possible, the interests of small business concerns,” as noted in the Small Business Act of 1953. Its duties have included providing government guarantees of private business loans, as well as offering assistance to small businesses affected by natural disasters. Its services have evolved to specifically help business owners who are at a disadvantage due to economic background, gender and race.
The Small Business Administration Today
Today, small business owners can feel comfortable knowing that there is a government agency with their best interests in mind. The SBA provides small business counseling services, loan guarantees and entrepreneurial development to businesses all across the U.S.
If you own a business or are an entrepreneur looking to start a new business, you do not have to be limited by traditional bank and investor lending processes. Even if you are denied a traditional bank loan, you may be able to find funding for your small business via private lenders who work together with the Small Business Administration to provide small business financing with relaxed qualification requirements.
To apply for funding for your small business, use the form on the right to begin the application process.