If you have, or plan to have a small business, you must be familiar with the small business administration. This is an autonomous US government agency established in 1953, when President Eisenhower signed the Small Business Act. Though faced with many threats, SMA survived for more than 6 decades.
The SBA was established to promote the economy by providing assistance to small businesses in the US.
So, in what way can SBA help entrepreneurs and their businesses? According to SBA website, it provides the following services:
Access to capital: SBA offers multiple kinds of financial resources for small businesses, such as small loans and microlending.
Entrepreneurial development: SBA offers counseling services and training to both new and existing business owners.
Contracting: SBA reserves 23% in government contracts for small businesses.
Advocacy: SBA advocates small businesses by reviewing laws and protecting the interests of small business owners in the US.
As a small business owner, every entrepreneur can have access to substantial resources provided by the SBA. This year, when facing this tough situation, the SBA plays a more important role in supporting small businesses all over the country.
One of the most significant programs the agency provides is its loan program. Cooperated with many lending partners, such as banks and credit unions, the SBA provides up to a 90% guarantee to strengthen access to capital for small businesses after credit froze.
Some new SBA loan programs are developed and implementing to cope with COVID-19. Other SBA-guaranteed loan programs include: