Small Business Administration Flashcards, test questions and answers

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What is Small Business Administration?

The Small Business Administration (SBA) is an independent agency of the federal government that seeks to empower small businesses and entrepreneurs. It was created in 1953 as part of President Eisenhower’s small business bill of rights. The SBA provides resources, advice, and financial assistance to small business owners, helping them to access capital, secure contracts with the government, and expand their operations.The SBA offers a variety of programs and services ranging from loans and grants to counseling and training for those looking to start or expand their businesses. Through its 7(a) loan program, it provides financing for startups or existing companies that don’t qualify for traditional bank loans. The SBA also has loan guarantees which can reduce risk for lenders who are willing to finance small businesses that may not have collateral or good credit ratings. Additionally, the agency offers disaster assistance loans after disasters such as hurricanes or tornados which can help businesses rebuild quickly. The SBA also works with other federal agencies on programs designed to help certain types of small businesses such as women-owned or veteran-owned companies. It partners with institutions like the US Department of Agriculture (USDA) Rural Development Program and US Small Business Development Centers (SBDCs), which provide free counseling services in many areas including marketing, accounting and financing advice. Overall, the Small Business Administration is a great resource for anyone looking to start their own business; whether they need financing options or advice on running a successful operation they can find it here. The SBA continues to be an important advocate for entrepreneurs across the country and provides invaluable resources for those looking to turn their ideas into reality.