The objective of U.S Small Business Administration is to help small businesses. Your business definitely falls under this category and SBA is there to help you.
The Small Business Administration (SBA) officially began in 1953, although a number of U.S. government agencies were around prior to that to help small business owners grow their successful business. These agencies took on these tasks primarily as a means of recovery from two devastations - the Great Depression and the Second World War.
President Herbert Hoover created the Reconstruction Finance Corporation (RFC) IN 1932. This agency's mission was recovery from the Great Depression. It was mandated to lend money to small businesses that had been financially devastated by the crisis. This Small Business Administration predecessor grew significantly under the watchful guidance of Hoover's successor, Franklin Roosevelt.
Federal worry about small business financial health increased during World War II years. Small business administration was a daunting task as their larger counterparts thrived under a defense contract-prevalent wartime atmosphere. In response, another Small Business Administration predecessor cropped up - the Smaller War Plants Corporation (SWPC). This was established in 1942, its multifaceted purpose to lend money to sole proprietors for the administration of their small business, to advocate for lines of credit from lending institutions to small businesses and to help small businesses secure federal contracts and assistance.
At the end of World War II this second Small Business Administration precursor was dissolved, with the powers it had to issue loans and contracts reverting to the RFC. The U.S. Department of Commerce created the Office of Small Business (OFB) at this time, for the purpose of educating small business owners, tasks that later went to the new Small Business Administration.
Because the designers of the OSB were convinced that small businesses failed because their owners and managers did not have the knowledge or the expertise to succeed, this agency was tasked to publish small business administration and management brochures, and to provide one on one counseling on small business administration and management.
An additional organization was created during the war, this the federal Small Defense Plants Administration (SDPA), whose sole task was to evaluate the administration, management and products of small businesses and determine if they qualified for certification as a potential federal contractor.
President Dwight Eisenhower proposed the abolition of the RFC in 1952, and its replacement with a new federal agency, the Small Business Administration. The SBA came into being July 30, 1953. It mission was written as aiding, counseling, assisting and protecting the interest of small business. Its charter also mandated that the Small Business Administration would ensure that U.S. small business would earn a fair number of federal contracts and would be able to purchase a fair amount of federal surplus property.
The following year the Small Business Administration was giving loans to small business owners who had suffered from natural disaster, was guaranteeing loans provided to small businesses by other financial institutions, was strenuously advocating for the awarding of federal contracts to many small businesses and was guiding small business owners with technical and management counseling and materials and small business training.
Small Business Administration programs have now helped almost 20 million entrepreneurs either directly or indirectly. Currently the Small Business Administration has financed more than 200,000 loans totaling over $45 billion.
Now you know why SBA will become one of your most reliable organizations.