U.S. Small Business Administration
|Small Business Administration|
|Director:||Marianne O’Brien Markowitz (Acting)|
|Annual budget:||$810 million (2014)|
|Total employed:||3,268 (2013)|
|Official website:||Office website|
President Herbert Hoover started the Reconstruction Finance Corporation (RFC) during the Great Depression as a lending program for businesses. Franklin D. Roosevelt expanded the RFC after World War II when the Smaller War Plants Corporation (SWPC) was dissolved and its power to award loans to small companies in order to acquire government defense contracts was given to the RFC. After a similar agency to the SWCP was dissolved following the Korean War, there was a push to abolish the RFC. At that point, President Dwight Eisenhower proposed the creation of the Small Business Administration to advise and provide loans to small businesses. Congress signed the Small Business Act into law in 1953 forming the SBA. By 1954, the SBA began making loans to small businesses. In 1958, the Small Business Investment Company Program (SBIC) was formed in order to provide investments and equity to high-risk small businesses. The Equal Opportunity Loan Program (EOL) was formed in 1964, easing regulations on credit and collateral for business loans made to those below the poverty line.
The official SBA mission statement is as follows:
|“||to aid, counsel, assist and protect the interests of small business concerns, to preserve free competitive enterprise and to maintain and strengthen the overall economy of our nation.||”|
Marianne O’Brien Markowitz is currently the Acting Administrator of the SBA. Maria Contreras-Sweet was nominated to the position of Administrator on January 15, 2014, but has not been confirmed by the United States Senate.
|Small Business Administration Annual Budget|
|Year||Budget (in billions)||% Difference from previous year|
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- SBA.gov, "Mission Statement," accessed March 24, 2014
- The White House, "Remarks by the President in Nominating Maria Contreras-Sweet as Administrator of the SBA," January 15, 2014
- SBA.gov, "Performance and Budget," accessed March 24, 2014
- Wall Street Journal, "Obama to elevate SBA chief," January 13, 2013
- SBA.gov, "Our History," accessed March 24, 2014