The Small Business Administration ( Sba )

The U.S. Small Business Administration was founded on July 30, 1953, and has delivered millions of loans, contracts, counseling sessions, loan guarantees, and other types of assistance to small businesses. Even though SBA was formally created in 1953, its philosophy and mission began to form years earlier in other agencies and began largely as a response to the pressures of the Great Depression and World War II (Business, 1988). These events caused mass hardship on the economy, and the best way to promote it again was through small business. The Small Business Preference Program was created to guarantee that small businesses received their fair share of contracts for federal government services and supplies. The intent was to help strengthen the economy by allowing small businesses to get a portion of the property government sold as well. 23% of all Federal-contracting dollars must be awarded to small businesses, and specifically, 5% to women-owned small businesses. There are many different types of small businesses, and each receives a portion of the contract the government gives. The WOSB Program became effective in the FAR on April 1, 2011, and is one of the types of small businesses that are given preferential treatment (SBA.gov).

The land of capitalism where business comes to thrive because when businesses can make or break the economic the government revolve around it. In fact, 6 percent of companies in America makes about 50 percent of American profit, this shows how much power comes with having and building a business America. In the early 2000s before the recession started, black-owned small businesses established 8.2 percent of all loan money from the Small Business Administration (SBA). That number is now depressed to 1.7 percent, per an analysis by the Wall Street Journal. The total volume of loans they are at this time getting is similarly low: 2.3 percent of the roughly 54,000 doled out through the agency, down from 11 percent in 2008. “(Covert, Bryce. Black Small Business Owners Get Left Out Of Loans)”

Start-up services include business plan preparation in accordance with the start-up budget available, financial forecasting based on future cash flows and historical data, financing search and procurement. Ongoing services for starts ups and already established firms include

The Small Business Administration has many roles in the global and the national economy. One role the SBA has is that it helps many businesses around the world. Some places in the world that the SBA helps are the U.S. Virgin Islands, Guam, and Puerto Rico. Another role that the SBA has is that they help with business that may have had some hard times with the economy. The economy can be very bad at some times and some businesses can get all they help they can get for this business to be running smoothly. Luckily, the SBA wants to help those businesses. They want to better the small business by giving loans to them if they qualify it.

The U.S. Senate Committee on Small Business and Entrepreneurship is a standing committee of the United States Senate. It has control over the Small Business Administration and is also in charge of researching and investigating problems of American small business enterprises. On October 8, 1940, the Senate established the Special Committee to Study and Survey Problems of Small Business Enterprises. On January 31, 1949, this special committee was terminated, but on February 20, 1950, its functions were transferred to the Select Committee on Small Business. The select committee was terminated on March 25, 1981, when it became the Committee on Small Business, a standing committee. On June 29, 2001, Sen. John F. Kerry changed the name of the committee to the Committee on Small Business and Entrepreneurship.

The National Federation of Independent Business has had a profound impact on businesses all across the country. Since 1943, this nonprofit, nonpartisan organization has given the members in the association power in the marketplace. The association has been able to protect the right of their members to own, operate, and grow their businesses. Through NFIB, small businesses have been given a chance in the extremely competitive marketplace of the United States.

The Small Business Act, and subsequent reassuring public laws direct that the Government place a fair portion of its acquisitions, including contracts and subcontracts for subsystems, assemblies, components, and related services for major systems, with Small Business concerns, HUBZone Small Business, Small Disadvantaged Business, Women-Owned Small Business, Veteran-Owned Small Business, Service Disabled Veteran-Owned Small Business, Historically Black Colleges and Universities/Minority Institutions, Hispanic-Serving Institutions, and Tribal Council Universities.

The United States government recently demonstrated and reaffirmed its commitment and endeavors of ensuring that minority-owned and small businesses have greater access to contracting opportunities from the federal government. This commitment was demonstrated by the Obama administration through the announcement of a government-wide strategy by Commerce Secretary, Gary Locke and Karen Mills, Small Business Administrator. The plan includes federal agency procurement officials participating in over 200 events within three months to provide information regarding the federal contracting opportunities. These officials will also share information of contracting opportunities that are available within the American Recovery and Reinvestment Act. As part of these plans, small business owners can find the information regarding the available contracting opportunities at FedBizOpps website.

For most small business seeking SBA loan programs, the SBA 7a and the SBA express will probably meet their needs. However, if you are needs are greater, you should go directly to the SBA website and read up, as there is a wealth of information that needs to be carefully considered prior to applying. If you are a business who has been turned down by the SBA, or in need of quick working capital flexible credit terms, click here.

The four funding sources I would look to use are SBA loans ($300,000) because they promote small businesses, Bank loans (20 years for a total of $1,000,000) because that would be the most obtainable way of getting funding, asking family and friends ($10,000) for help because I would like them extremely involved in my business, and crowdfunding ($5,000) because the more interest in the area means the more potential money that a kick-starter may bring in.

U.S. Small Business Administration (SBA) is a government agency that provides assistance for entrepreneurs and small business. The mission of SBA is to help Americans start, build and grow business. Because SBA knew it is challenging to strengthen the economic powers for the small business, therefore the office provides the following services for the small business companies:

Numerous large businesses that are operating today were once started as small businesses. A new business is established to create a good or service that no other businesses have ever created or simply a product of higher quality than existing products, with the purpose of meeting customers’ needs and earning profits. Due to the technological advances at the present time, starting and operating a new business is less laborious. Nevertheless, would-be entrepreneurs should be familiar with the proper approaches to start their businesses.

The small business marketplace is extremely dynamic and the changes are fast. Here are some encouraging facts from the US Small Business Administration on small businesses. There are about 30 million small businesses in the United States and employ just over half of the country’s private workforce. They employ a staggering 40% of high tech workers such as computer professionals, scientists and engineers. More than half of the small businesses are home-based businesses and two percent of them are franchises. One of the most important aspects is the fact that a majority of innovations in the United States come from small businesses.

Small businesses are important to the U.S economy for multiple reasons. According to the U.S Small Business Administration, small businesses represents for 99.7 percent of all employer firms, have generated sixty four percent of new jobs and paid forty four percent of the total united states payroll (Brown, 2017) . Small business is an important role not just in the US economy, but they also play a major role in the growth of the individual community that they are located in. Small businesses give citizens of the community an opportunity for employment by offering jobs that the individuals may not have to have degrees or accolades to qualify for unlike jobs in larger corporations. Although small business is very important to the economy and the community, often times small

The Small and Medium Enterprise Corporation Malaysia (SME Corp. Malaysia) was formerly known as Small and Medium Industries Development Corporation (SMIDEC). It is an agency under the Ministry of International Trade and Industry (MITI).