Small Business

What is the Small Business Administration?

The Small Business Administration is an agency of the federal government that is tasked with ensuring the small businesses are able to have access to credit, do business with the federal government, and maintain employment among small businesses. Although major corporations dominate the headlines of financial news – it is the small businesses within the United States that make up for almost 80% of employment. Additionally, almost 90% of the companies within the United States are considered small businesses under the definitions of the SBA.

The primary role of the Small Business Administration is to ensure that lending banks are able to provide financing for their small business customers. As we have discussed in previous articles, the primary method of how this is completed is by providing guarantees to banks on behalf of Small Business Owners throughout the country. Again, the most popular and flexible of these lending programs is the 7a SBA Loan.

Historically, the SBA was established in mid 1953 via the passing of the Small Business Act. Prior to the SBA, the primary agency in charge of providing support to small businesses was the Reconstruction Finance Corporation. Since its inception, the SBA has prompted an entire sub-industry in the world of finance. There are several banks, finance companies, and other organizations that deal solely with SBA loans. Additionally, there are also several types of firms including business planning companies and loan brokerages that exclusively assist small business owners with obtaining the 7a SBA loan and other loan programs offered by the administration.

Prior to the SBA, it was very difficult for small businesses (especially startup companies) to receive the financing that they needed. However, since its inception, the SBA has been instrumental with the rapid propagation of small business ownership within the United States. This trend is expected to continue as the role of the SBA has continued to expand over the past fifty years. The SBA has taken an active role in ensuring that small companies are able to successfully bid on and receive federal government contracts while concurrently ensuring that they have the financing they need to service these contracts.

About the Author

7aSBALoan.com is a specialty website that provides content that focuses on the needs of small business owners and people seeking SBA 7a Loans. We encourage you to visit our website if you are looking for a  7a SBA business loan.

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