What Is The SBA?

The Small Business Administration, also known as the SBA, was established on July 30th, 1953 by Pres. Eisenhower. 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".

Through various programs, the SBA facilitates entrepreneurship and business development in communities throughout the country by providing loans and small business training through partner financial organizations. Some of these organizations which have partnered with the SBA include Score, SBDC and the Women's Business Centers. These organizations as well as many others are located in all 50 states providing not only financial resources but also business training, coaching face-to-face and best practices to help entrepreneurs be successful.

Not only does the SBA provide training and other non-financial resources to disadvantaged members of the community such as women and minorities but they also have a substantial number of financial programs available such as assistance packages, construction loans and surety bond guarantees. These types of financial resources are great for someone looking to start a flower shop or bakery but the SBA also has valuable information regarding government contracts and federal procurement programs. Receiving government contracts can be a nebulous complicated process and the SBA can help minority owned small contractors navigate the murky waters to successfully apply for federal construction programs. Even then however, the scope of the Small Business Administration is not limited to just national borders. The SBA also has an office of international trade which can assist businesses who wish to import or export goods or services.

The federal government's Small Business Administration provides an invaluable resource for entrepreneurs and disadvantaged members of society with a little assistance to realize their dreams of being small business owners. Regardless of whether you're a man or woman , Asian or Hispanic or a military veteran, the Small Business Administration is there to provide training and financial backing that would normally be off-limits to these groups. While there are additional small business resources available from state and local governments as well as private nonprofit organizations the SBA, through federal mandate and congressional funding, has a breadth and scope which can be of benefit to even experienced business owners.