What is the Small Business Administration?
- June 27, 2019
- By Aidan Dwyer
Small Businesses are the backbone of the U.S Economy. Approximately 99.7% of employers in the U.S are considered small businesses, or businesses that employ less than 500 people. Because small businesses make up such a significant portion of the U.S economy. The government created an organization to help their growth. In 1953, The U.S government established the Small Business Administration as a means of helping small businesses all across the United States succeed. The mission of the Small Business Administration is â€œto aid, counsel, assist and protect the interests of small business concerns. Also, to preserve free competitive enterprise, and to maintain and strengthen the overall economy of our nationâ€. There are various ways in which the Small Business Administration accomplishes these goals.
Small Business Development with the Small Business AdministrationÂ
The primary goal of the Small Business Administration is to help develop small businesses throughout the country. They have established Small Business Development Centers throughout the country, at a variety of locations such as community colleges and state universities to help small business owners and entrepreneurs learn how to better grow and manage their businesses. The Small Business Administration offers many online courses geared towards small business owners. They offer classes on a wide variety of small business topics ranging from social media marketing to building sales plans, to attracting investors. The Small Business Administration has also created programs for niches of small business owners, creating the Veteran Business Outreach Center and Women’s Business Centers.
SBA 8(a) Program
The Small Business Administration has also developed a program designed for socially and economically disadvantaged business owners. The 8(a) program offers specific courses as well as business consultation and training to help struggling small business owners succeed. To learn more about the SBA 8(a) program, click here!Â
SBA 7 (a) Loan Guarantee Program
Perhaps the largest and most well-known program that the SBA Loan Guarantee Program. The 7(a) Loan Guarantee program offers SBA loans. SBA loans are small business loans issued by participating lenders and are partially guaranteed by the Small Business Administration.Â With long terms and low-interest rates, getting an SBA loan is a great way to grow your business, increase working capital, purchase equipment, or refinance existing debt. SBA loans generally have a more rigorous qualification process than other loans, but businesses that qualify enjoy the benefits of 10-year terms and low-interest rates. If you think that you would benefit from an SBA guaranteed loan, fill out our commitment free application today.