Small Business Administration
The Small Business Administration (SBA) is an autonomous U.S. government agency established in to bolster and promote the economy in general by providing assistance to small businesses. . Small Business Administration. The Small Business Administration helps Americans start, build and grow businesses. Through an extensive network of field offices and partnerships, the Small Business Administration assists and protects the interests of small business concerns. Agency Details Acronym: SBA. Website: Small Business Administration (SBA) Contact.
The U. The mission of the Small Business Administration is "to maintain and strengthen the nation's economy by enabling the establishment and viability of small businesses and by assisting in the economic recovery of communities after disasters".
The agency's activities have been summarized as the "3 Cs" of capital, contracts busuness counseling. The SBA provides a government-backed guarantee on part of the loan. Under the Recovery Act and the Small Business Jobs Act, SBA loans were enhanced to provide up to a 90 percent guarantee in order to strengthen access to capital for small businesses after credit froze in The agency had record lending volumes in late SBA helps lead the federal government's efforts to deliver 23 percent of prime federal contracts to small businesses.
Small business contracting programs include efforts to ensure administragion certain federal contracts reach smal, and service-disabled veteran-owned small businesses as well as businesses participating in programs such as the 8 a Business Development Program and HUBZone.
SBA has at least one office in each U. In addition, the agency provides grants to support counseling partners, including approximately Small Business Development Centers often located at colleges and universitiesWomen's Business Centers, and SCORE, a volunteer mentor corps of retired and experienced business leaders with approximately chapters.
These counseling services provide services to over 1 million entrepreneurs and small business owners annually. President Obama announced in January that he would elevate the SBA into the Cabineta position it last held during the Clinton administration thus making the Administrator of the Small Business Administration a cabinet-level position.
Its function was and is to ssmall, counsel, assist and protect, insofar as is possible, the interests of small business concerns". The SBA has survived a number of threats to its existence. Inthe Republican -controlled House of Representatives planned to eliminate the agency. It has an associate administrator or director for the following offices: . The 7 a Loan Guarantee Program is designed to help admimistration start or expand their small businesses.
The program what is a small business administration capital available to small businesses through bank and non-bank lending institutions.
Homeowners and renters are eligible for long-term, low-interest loans to rebuild or repair a damaged property to pre-disaster condition. Businesses are also eligible for long-term, low-interest loans smsll recover from declared disasters.
If a business with a Disaster Relief Loan defaults on the loan, and the business is closed, the SBA will pursue the business owner to liquidate all personal assets, to satisfy an outstanding balance. The IRS will administrarion any tax refund expected by the former business gusiness and apply the amount toward the loan balance. It also provides marketing, management, and technical assistance to how to be a senco borrowers and potential borrowers.
Approximately Small Business Development Center sites are funded through a combination of state and SBA support in the form of matching grants. Women's Business Centers WBCs represent a national network of over non-profit educational centers throughout the United States and its territories, funded in part through SBA support.
WBCs are designed to assist women in starting and growing small businesses, though their services are available to all. SCORE, the nation's largest network of volunteer, expert business mentors, was founded in  as a resource partner of the U.
Small Business Administration. Mentors, operating out of chapters nationwide,  work with their clients to address issues related to starting and growing a business, including writing business plans, developing products, conceiving marketing strategies, hiring staff, and more.
Clients access their mentors via free, ongoing face-to-face mentoring sessions or through email or video mentoring services. In addition to mentoring, SCORE also offers free and low-cost educational workshops each year, both online and in-person.
SBA's Office of Veteran Business Development operates twenty-two  Veteran Business Outreach Centers  through grants and cooperative agreements with organizations which provide technical assistance to businesses owned by veterans and family members.
The SBA also supports regional innovation clusters across busineas country. The 8 a Business Development Program assists in the development of small businesses owned and operated by individuals who are socially and economically disadvantaged, such as women and minorities.
The 8 a Program opens the doors for what is a binding contract firms to grow and develop for a period of 9-years. It has increased jobs for thousands of people across the Nation, and many of the successful firms had impacted their communities with internships, college funding, and more.
Civilian employees of the U. Army Corps of Engineersworking in concert with an employee of Alaska Native Corporation Eyak Technology LLC allegedly submitted fraudulent bills to the program, totaling over 20 million dollars, and kept the money for their own use.
The Cato Institute has challenged the justification of the federal government in intervening in credit markets. SBA subsidies also represent a form of corporate welfare for the banking industry. InSBA Inspector General Report stated, "One of the most important challenges facing the Small Business Administration and the entire Federal government today is that anonym to what is it businesses are receiving small business procurement awards and agencies are receiving credit for these awards.
In Octoberthe Government Accountability Office released Report which stated, "By failing to hold firms accountable, SBA and contracting agencies have sent a message to the contracting community that there is no punishment or consequences for committing fraud. In response, the SBA sent a demand letter to Planned Parenthood requesting that they return the improperly received funding.
This article incorporates public domain material from websites or documents of the Small Business Administration. This article incorporates public domain material from websites or documents of the National Archives and Records Administration.
From Wikipedia, the free encyclopedia. United States government agency that supports entrepreneurs and small businesses. Isabel GuzmanAdministrator. This article contains content that is written like an advertisement. Please help improve it by removing promotional content and inappropriate external linksand by adding encyclopedic content written from a neutral point of view.
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Starting & Managing
Dec 16, · The U.S. Small Business Administration (SBA) is an independent agency of the federal government, with a mission to help Americans start, build, and grow businesses. The SBA can be a helpful resource for many business owners. In this article, you’ll learn exactly what the SBA is, how it works, what services it offers, and how the agency was established. We support America's small businesses. The SBA connects entrepreneurs with lenders and funding to help them plan, start and grow their business. The U.S. Small Business Administration (SBA) was created by Congress in as an independent agency of the federal government. Its function, as articulated in its mission statement is to “aid, counsel, assist and protect the interests” of small businesses, to preserve free enterprise and to maintain and strengthen the economy.
The Small Business Administration SBA is a federal agency that seeks to aid, counsel, assist, and protect the interests of small business. The SBA ensures that small business concerns receive a fair portion of federal government purchases, contracts, and subcontracts, as well as of the sales of government property.
The agency is best known for its loans to small business concerns, state and local development companies, and the victims of floods or other catastrophes. The SBA provides guaranteed loans to small businesses to help them finance plant construction, conversion, or expansion and acquire equipment, facilities, machinery, supplies, or materials. It also provides them with working capital. Since farms have been considered to be small business concerns.
The SBA also provides loan guarantees to finance residential or commercial construction. The administration may finance small firms that manufacture, sell, install, service, or develop specific energy measures.
In an effort to reach more businesses, the SBA provides loans and grants to private, nonprofit organizations that, in turn, make small loans and provide technical assistance to small businesses.
Through its Surety Bond Guarantee Program, the SBA helps to make the contract bonding process accessible to small and emerging contractors who find bonding unavailable. A bond is posted as a guarantee that the contracted work will be performed. If the work is not performed, the money pledged in the bond will be used to cover the contractor's default. The SBA lends money to help the victims of floods, riots, or other catastrophes repair or replace most disaster-damaged property.
Direct loans with subsidized interest rates are made to assist individuals, homeowners, businesses, and small agricultural cooperatives without credit elsewhere that have sustained substantial economic injury resulting from natural disasters. The administration licenses, regulates, and provides financial assistance to small business investment companies and section d licensees formerly minority enterprise small business investment companies.
The sole function of these investment companies is to provide venture capital in the form of Equity financing, long-term loan funds, and management services to small business concerns. The SBA works closely with the purchasing agencies of the federal government and with the leading U.
The administration has a number of services that help small firms obtain and fulfill government contracts. It sets aside suitable government purchases for competitive award to small business concerns and provides an appeal procedure for a low-bidding small firm whose ability to perform a contract is questioned by the contracting officer.
The SBA maintains close ties with prime contractors and refers qualified small firms to them. In addition, it works with federal agencies in setting goals for procuring prime contracts and subcontracts for small businesses, especially those owned by women and members of disadvantaged groups. The SBA is recognized for its longtime effort to provide education, counseling, and information to small business owners and prospective owners.
It has increasingly relied on forging partnerships with nongovernmental groups to deliver business education and training programs at low cost.
The Business Information Center BIC program is an innovative approach to providing a one-stop location for information, education, and training. Components of BIC include the latest computer hardware and software, an extensive small business reference library, and a collection of current management videotapes.
The SBA also produces many pamphlets and publications about a variety of business and management topics. It has also established SBA Online, a toll-free electronic bulletin board for small businesses.
Sections 7 j and 8 a of the Small Business Act provide for the Minority Enterprise Development Program, designed to promote business ownership by socially and economically disadvantaged persons. Participation is available to small businesses that are at least 51 percent unconditionally owned, controlled, and managed by one or more individuals determined by the SBA to be socially and economically disadvantaged.
Program participants receive a wide variety of services, including management and technical assistance, loans, and federal contracts. The Office of Advocacy serves as a leading advocate within public policy councils for the more than 22 million small businesses in the United States. The office, which is headed by the chief counsel for advocacy, lobbies Congress, the Executive Branch , and state agencies concerning the interests and needs of small business.
The office also is a leading source of information about the state of small business and the issues that affect small business success and growth.
The Office of Women's Business Ownership OWBO provides assistance to the increasing number of women business owners and acts as their advocate in the public and private sector. It is the only office in the federal government specifically targeted to women business owners, assisting them through technical, financial, and management information and business training, skills counseling, and research. The OWBO has established 54 training centers in 28 states and the District of Columbia, which provide community-based training for women at every stage of their entrepreneurial careers.
In addition, the office created the Women's Network for Entrepreneurial Training, a one-year mentoring program linking experienced entrepreneurs with women whose businesses are poised for growth. This program is designed to help women avoid the common mistakes of new business owners. Small Business Development Centers provide counseling and training to existing and prospective small business owners.
The centers operate in every state, as well as in Puerto Rico, the U. Virgin Islands, and Guam. Each center is a partner with state government in economic development activities to support and assist small businesses. Between and SBA programs assisted almost 20 million small businesses. The SBA continues to increase participation by minority-owned businesses by means of its minority small business program and publication of informational materials in Spanish.
It maintains ten regional offices and has field offices in most major U. Bean, Jonathan J. Lexington: Univ. Press of Kentucky. O'Hara, Patrick D. New York: John Wiley and Sons. Small Business Administration. Government Manual Website. Small Business Administration The Small Business Administration SBA is a federal agency that seeks to aid, counsel, assist, and protect the interests of small business. Financial Assistance The SBA provides guaranteed loans to small businesses to help them finance plant construction, conversion, or expansion and acquire equipment, facilities, machinery, supplies, or materials.
Disaster Assistance The SBA lends money to help the victims of floods, riots, or other catastrophes repair or replace most disaster-damaged property. Investment Assistance The administration licenses, regulates, and provides financial assistance to small business investment companies and section d licensees formerly minority enterprise small business investment companies.
Government Contracting The SBA works closely with the purchasing agencies of the federal government and with the leading U. Business Initiatives The SBA is recognized for its longtime effort to provide education, counseling, and information to small business owners and prospective owners.
Minority Enterprise Development Sections 7 j and 8 a of the Small Business Act provide for the Minority Enterprise Development Program, designed to promote business ownership by socially and economically disadvantaged persons.
Advocacy The Office of Advocacy serves as a leading advocate within public policy councils for the more than 22 million small businesses in the United States. Women's Business Ownership The Office of Women's Business Ownership OWBO provides assistance to the increasing number of women business owners and acts as their advocate in the public and private sector. Small Business Development Centers Small Business Development Centers provide counseling and training to existing and prospective small business owners.
Administration Between and SBA programs assisted almost 20 million small businesses. Further readings Bean, Jonathan J. Cross-references License ; Small Business. West's Encyclopedia of American Law, edition 2. Copyright The Gale Group, Inc. All rights reserved. Mentioned in? References in periodicals archive? Sunwest Bank loans get top recognition from Small Business Administration.
Small Business Administration , will present a free, three-hour outreach event for disadvantaged business enterprises on Aug.
ODOT offers certification session. US Govt. Through her efforts, the Small Business Administration awarded MBA one of 10 Regional Innovation Cluster contracts providing continuity to the program and the ability to expand and replicate it. Harvey named finalist. Cabinet seat call for small concerns. In its Budget submission to the Chancellor, the FSB is proposing that an agency modelled on the Small Business Administration in the US is established to ensure that the voice of small enterprise isn't lost among competing Government priorities.
FSB in bid for seat of power. Small Business Administration SBA will hold a web chat for small buisnesses this week, just as new regulations are released by the Obama administration.
Health care law updates and upcoming web chat. Legal browser? Full browser?