A federal agency, created in 1953, that grants or guarantees long-term loans to small businesses. On July 30, 2008, the Bush administration modified policy to make it easier for large firms to qualify as small businesses” by dropping the requirement that government contractors publicly state either their number of employees or their annual revenue.
When, following the suggestion of President Eisenhower, congress passed the Small Business Act and created the U.S. small Business Administration (SBA) in 1953, its stated mission was to aid, counsel, assist and protect, insofar as is possible, the interests of small business concerns,” and also ensure small businesses a fair proportion” of government contracts.
Since, unlike in real estate transactions, commercial lenders can fund referral fee earned by business brokers helping people buy and sell businesses, this segment of industry is supported by smaller banks and standalone finance companies who understand this sector.
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.
Your business also has to be set to earn a profit, be in the United States, have some invested equity, use the funds for business related purpose, not be delinquent on any debts to the U.S. Government, and be able to show the need for the funds from said SBA loan.