U.S. Small Business Administration

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Small Business Administration
US-SmallBusinessAdmin-Seal.svg
Director:Maria Contreras-Sweet
Annual budget:$810 million (2014)
Total employed:3,268 (2013)
Year created:1953
Official website:Office website
The Small Business Administration (SBA) is a United States agency formed in 1953 "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."[1] Maria Contreras-Sweet was confirmed to be the administrator on March 27, 2014.[2]

The SBA employed 3,268 people in 2013.[3] In January 2012, President Obama elevated the Administrator of the SBA to a cabinet-level position in his administration.[4]

History

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.[5]

Structure

Mission

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.[6]

SBA.gov, [1]

Leadership

Maria Contreras-Sweet is the current administrator of the SBA.[2]

Note: Votes marked "N/A" represent voice votes or unrecorded votes. Missing votes will be filled as they are researched.

Analysis

Budget

Obama administration

Small Business Administration[3] Annual Budget
YearBudget (in billions)% Difference from previous year
2014$0.8-20%
2013$1.011.11%
2012$0.928.57%
2011$0.7-12.5%
2010$0.833.33%
2009$0.6N/A

Recent news

This section displays the most recent stories in a Google news search for the term Small + Business + Administration

All stories may not be relevant to this page due to the nature of the search engine.

SBA News Feed

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See also

External links

References