Small Business Administration (SBA)
What Is the Small Business Administration?
- KEY LESSONS
The Small Business Administration is a federal organization created to support and advance the economy by offering help to small businesses.
The organization was started in 1953.
The administrator and deputy administrator of the SBA are appointed by the Senate and serve as its leaders.
The organization provides small businesses with a range of resources, including advocacy services, government contracting, finance access, and entrepreneurial development.
One of the SBA’s most noticeable components is its loan guarantee program.
Loans from the SBA
- 504 Loan (also known as the grow loan), which offers small businesses up to $5 million in funding for the purchase of fixed assets including real estate they require to run their operations.
- On the other side, the agency’s main loan program is the 7(a) loan. The highest loan amount under this scheme that is guaranteed is $5 million.
- Microloans and loans for disasters
: The SBA offers more individualized special events for small company owners through its regional offices spread across the United States and its allied territories. These offices offer in-person, one-on-one counseling services, such as assistance with small company loans and business plan writing.