Small Business Administration

Founded in 1953, the Small Business Administration (SBA) has provided financial and consulting assistance to numerous owners. Over the past 5 decades, 20 million loans have been issued to help businesses get a head start in the industry.

The stresses of the Great Depression and World War II largely inspired the creation of the U.S. Small Business Administration. President Hoover established the Reconstruction Finance Corporation (RFC) in 1932 to be a federal lending program to businesses. The RFC later evolved into the SBA under Eisenhower. The mission of the agency is to "aid, counsel, assist and protect, insofar as is possible, the interest of small business concerns," as recorded in the Small Business Act by Congress.

Since its creation, the SBA has grown significantly. It now provides federal and financial contract procurement assistance, management assistance, and outreach to minorities, women, and veterans. In addition, the SBA gives loans to victims of natural disasters.

The agency has become the government's most cost-effective mechanism for economic development. Currently, the agency has 219,000 loans which total $45 billion, making it the largest financial backer of US businesses.

The SBA takes great pride in their work. Although large companies can produce mass quantities with great efficiency, most innovation starts within small businesses. Small businesses illustrate the "American Dream," and it is the goal of the SBA to keep them strong and successful.

If you are starting a small business, there are many resources to assist you. For legal inquiries, contact the Austin business attorneys at the law firm of Slater Kennon & Jameson today by calling 512-472-2431.