The Small Business Administration (SBA)

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The Small Business Administration (SBA)

In July of 1953 the United States Congress amended an act called the Small Business Act. Many believed that the essence of the American economic system of private enterprise is free competition. Also, that only through full and free competition can free markets, free entry into business, and opportunities for expression and growth of personal initiative and individual judgment can be assured. Thus, the Small Business Act was amended. In order to carry out the policies of this Act there was hereby created an agency under the name "Small Business Administration". The United States Small Business Administration, more commonly known as the SBA, is a federal agency to protect and assist America's greatest resource, the small business. Since American enterprise is the backbone of our economy and the driving force behind economic growth and prosperity.

?The mission of the Small Business Administration (SBA) is to maintain and strengthen the Nation's economy by aiding, counseling, assisting, and protecting the interests of small businesses and by helping businesses and families recover from disasters.?

The SBA's mission is to create economic development through small businesses. To put it in simple terms, the SBA helps businesses get started and helps established businesses grow.

The SBA has many functions; here we discuss the six of the functions that small businesses should look at. The first function of the SBA is Business Development, based on management assistance through information, counseling, training and conferences, utilizing the following programs: · Services Corps of Retired Executives (SCORE) · Small Business Institutes (SBI) · Small Business Development Centers (SBDC) · ...

... middle of paper ... loans are primarily to help homeowners, renters, and businesses of all sizes for rebuilding there disrupted home or business.

When the natural disaster victims need to barrow money to rebuild uninsured damages, it is a good way to go, when you go to the SBA because of the low interest rates, and long-term availability from the SBA. The key things about the loans are that they fix them to your economic standing. Since the SBA was implemented in 1953 the disaster loan assistance program has approved 1.14 million loans and has loaned out more than 16 billion dollars. The SBA has four distinct offices that deal with disaster loans and they are located in Sacramento California, Atlanta Georgia, Ft. Worth Texas, and Niagara Falls New York. The offices are located in very distinct areas of concentration. Due to the fact of geographical storms or natural disasters.
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