United States government agency that supports entrepreneurs and small businesses
Small Business Administration
Seal of the SBA
Logo of the SBA
Agency overview
Formed
July 30, 1953; 70 years ago (1953-07-30)
Preceding agency
Small Defense Plants Administration, Reconstruction Finance Corporation
Jurisdiction
Federal government of the United States
Headquarters
409 Third St SW Washington, D.C., U.S.
Employees
3,293 (2015)[1]
Annual budget
$710 million USD (2015)[2]
Agency executives
Isabel Guzman, Administrator
Dilawar Syed, Deputy Administrator
Website
sba.gov
The United States Small Business Administration (SBA) is an independent agency of the United States government that provides support to entrepreneurs and small businesses. The mission of the Small Business Administration is "to maintain and strengthen the nation's economy by enabling the establishment and viability of small businesses and by assisting in the economic recovery of communities after disasters." The agency's activities have been summarized as the "3 Cs" of capital, contracts and counseling.[3]
SBA loans are made through banks, credit unions and other lenders who partner with the SBA. The SBA provides a government-backed guarantee on part of the loan. Under the Recovery Act and the Small Business Jobs Act, SBA loans were enhanced to provide up to a 90 percent guarantee in order to strengthen access to capital for small businesses after credit froze in 2008. The agency had record lending volumes in late 2010.[4]
SBA helps lead the federal government's efforts to deliver 23 percent of prime federal contracts to small businesses. Small business contracting programs include efforts to ensure that certain federal contracts reach woman-owned and service-disabled veteran-owned small businesses as well as businesses participating in programs such as the 8(a) Business Development Program and HUBZone.[5] In March 2018 the SBA launched the SBA Franchise Directory, aiming to connect entrepreneurs to lines of credit and capital in order to grow their businesses.[6]
SBA has at least one office in each U.S. state. In addition, the agency provides grants to support counseling partners, including approximately 900 Small Business Development Centers (often located at colleges and universities), 110 Women's Business Centers, and SCORE, a volunteer mentor corps of retired and experienced business leaders with approximately 350 chapters. These counseling services provide services to over 1 million entrepreneurs and small business owners annually. President Obama announced in January 2012 that he would elevate the SBA into the Cabinet, a position it last held during the Clinton administration,[7] thus making the Administrator of the Small Business Administration a cabinet-level position.
^"Congressional Budget Justification/Annual Performance Report | the U.S. Small Business Administration | SBA.gov". Archived from the original on June 1, 2015. Retrieved April 25, 2015.
^"Small Business Administration Fiscal Year 2015 Congressional Budget Justification and Fiscal Year 2013 Annual Performance Report Fiscal Year 2015 Congressional Budget Justification and Fiscal Year 2013 Annual Performance Report". Archived from the original on September 10, 2015. Retrieved April 25, 2015.
^"SBA Blog Post by Deputy Administrator Marie Johns". Archived from the original on July 17, 2011. Retrieved June 16, 2011.
^"Small business loans soar under Jobs Act SBA loan program extension | ajc.com". The Atlanta Journal-Constitution. Archived from the original on January 7, 2011. Retrieved June 16, 2011.
^"SBA News Release". Archived from the original on January 2, 2011. Retrieved June 16, 2011.
^"The SBA Franchise Directory". Archived from the original on December 4, 2018. Retrieved December 3, 2018.
^Emily Maltby (January 13, 2012). "Obama to Elevate SBA Chief". WSJ. Archived from the original on March 14, 2016. Retrieved May 9, 2016.
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