Small Business Owners Association – The US Small Business Administration (SBA) is an independent agency of the United States government that provides financial assistance to small businesses. The mission of the Small Business Administration is to “sustain and strengthen the nation’s economy by establishing and continuing to operate small businesses and supporting the economic recovery of the people after a disaster”. The activities of the organization can be summarized as “3 C” of capital, contract and consulting.
SBA loans are made through banks, credit unions, and other countries that work with the SBA. The SBA provides government-backed guarantees for some loans. Under the Small Business Recovery and Employment Act, SBA loans are guaranteed up to 90 percent to help small businesses access capital after the 2008 loan freeze.
Small Business Owners Association
The SBA helped guide the federal government’s effort to award 23 percent of federal prime contracts to small businesses. The Small Business Contracts Program includes efforts to ensure certain federal contracts reach small businesses owned by women and veterans with disabilities, as well as businesses participating in programs such as the 8(a) Business Development Program and HUBZone.
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In March 2018, the SBA launched the SBA Franchise Directory with the goal of connecting entrepreneurs with lines of credit and capital to grow their businesses.
The SBA has at least one office in every US state. In addition, the organization provides grants to support advisory partners, including approximately 900 small business development districts (often in colleges and universities), 110 women’s business districts and SCORE, a unit of retired volunteer drivers and experienced business leaders with approximately 350 chapters. This consulting service serves more than 1 million entrepreneurs and small business owners annually. President Obama announced in January 2012 that he would include the SBA in the cabinet, the last position during the Clinton administration.
The SBA was created on July 30, 1953 by Republican President Eishower with the signing of the Small Business Act, which is now enacted at 15 U.S.C. Edit. Small Business Act CH 14A was originally known as the “Small Business Act of 1953” in title II (67 Stat. 232) of Pub.L. 83–163 (ch. 282, 67 Stat. 230, July 30, 1953); The “Restructuring Finance Corporation Accounting Act” is Title I that eliminates the Restructuring Finance Corporation (RFC). The Small Business Amdmts Act of 1958 (Pub.L. 85-536, 72 Stat. 384, enacted July 18, 1958) repealed title II as part of this Act and made it a separate statute to become known as the “Small Business Act.” Its duty is to “aid, advise, assist and protect to the fullest extent possible the interests of small business”.
SBA has weathered a number of threats to its existence. In 1996, the Republican-controlled House of Representatives planned to abolish the agency.
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Recent efforts by the Bush administration to increase the SBA’s lending program met with opposition from Congress, despite repeated budget cuts and certain spending in 2004. The Obama administration supported and strengthened the SBA’s budget through the American Recovery and Reinvestmt Act of 2009. The SBA’s budget was further improved through the Small Business Employment Act of 2010, and in 2011 President Obama announced that the SBA’s support for small businesses in rural areas will double to 350 million dollars in the next 5 years.
The Trump administration is supporting the SBA budget by adding trepreurship centers targeted at trepreneurs and other programs. The Trump administration oversees significant additional funding to federally sponsored SBA funding through the American Recovery and Reinvestment Act of 2009, the Small Business Jobs Act of 2010, and the CARES Act of 2020.
In the first 14 days of the Paycheck Protection Program, the SBA has processed more than 14 years of small business loans.
In June 2020, it was announced that the Trump administration had saved more than 50 million small business jobs through the Paycheck Protection Program.
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SBA has an administrator and a deputy administrator. There is a deputy manager or director for the following offices:
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The 7(a) loan guarantee program is designed to help entrepreneurs start or expand their small business. This is the most common loan program offered by the SBA.
The Small Business Jobs Act of 2010 increased the maximum loan amount for this loan from $2 million to $5 million. According to the SBA website, it can be used for working capital (both short-term and long-term), debt refinancing, and the purchase of furniture, equipment, and supplies.
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There are many companies that are not eligible for this program such as real estate investment companies (where real estate is held for investment purposes), dealers of rare coins and stamps, and real estate institutions such as banks.
Homeowners and landlords are eligible for long-term low-interest loans to rebuild damaged properties or restore them to pre-disaster conditions.
Disaster relief loans are usually approved within 21 days. This is a better approval time than after Hurricane Katrina more than 15 years ago, when the SBA processed applications in about 74 days on average.
If a business with a disaster loan defaults on the loan and the business closes, the SBA will require the business owner to liquidate all personal assets to pay off any outstanding balance. The IRS will deduct the estimated taxes from the previous owner of the business and apply that amount to the loan balance.
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The microcredit program provides loans directly to qualified nonprofit intermediaries, making “micro” loans of up to $50,000 to small businesses and nonprofit child care organizations. It also provides marketing, management and technical support to micro borrowers and potential borrowers.
Approximately 900 Small Business Development Center locations are funded through a combination of state and SBA funding in the form of Matching Grants. Typically, SBDCs are located at community colleges, public universities, and/or other financial centers. Cole Browne leads the SBA in acquiring new development sites.
The project’s mission is to “strengthen and empower Wom Trepreurs through advertising, promotion, education and support”.
Programs managed by OWBO serve disadvantaged women entrepreneurs to help them become more competitive in the modern business world.
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These programs support women through training and mentoring, providing opportunities In accessing credit, capital and marketing support, and creating government reserves for women’s business.
The Women’s Business Cter Program was established under Title II of the Women’s Business Ownership Act of 1988.
It was originally called the Demonstration Training Program created by Congress to provide long-term solutions for training and mentoring to current women entrepreneurs, including the socially and economically disadvantaged, as defined in 13 CFR 124.103.
The purpose of this project is to improve the economy by supporting and encouraging the growth of women’s businesses.
Small Business Administration
The current Women’s Business Mentoring Program regulations are described in Title 15 of the United States Code, 2019, Chapter 14A.
The new rules applied to the Code by the US Small Business Administration take effect on January 1, 2020 as detailed in the Federal Register, Volume 84, No. 101/KM. 227, Monday, November 25 2019, rules and regulations.
This set of rules was introduced to make Wom’s business center project transparent in reporting progress and financial allocations and to achieve better overall standards.
Women’s Business Centers (WBCs) represent a national network of more than 100 nonprofit educational centers throughout the United States and its territories, which are funded in part by SBA support.
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WBC is designed to help women start and grow small businesses, although their services are available to everyone.
WBC helps women succeed in business by providing education, training, business development and financial opportunities to more than 100,000 women each year across the country.
Research conducted by the Central Women’s Association of Business shows that in 2012, 64% of WBC clitoris have low income, 39% are black, and 70% are new businesses.
WBC services are offered in more than 35 languages, with 64% of WBCs offering services in two or more languages. In addition to business training services, 68% of WBCs provide training services and 45% provide microcredit.
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A resource partner of the United States. Small business administration. Since then, SCORE has trained more than 10 million now and aspiring small business owners across the United States through free, low-cost consulting and training.
In 2016, more than 10,000 SCORE volunteers Mtors helped 125,000 of their clitorians start 54,072 small businesses, creating 78,691 non-owner jobs in the US economy.
SCORE’s core service offering is the Mentoring Program, where volunteer mentors (all experienced in Trepreurship and related fields) provide free advice to small business clients. Mtors, which operates nationwide from 300 chapters,
Work with their clitoris on issues related to starting and growing a business, including writing a business plan, product development, marketing strategy, hiring employees, etc. Clitoris access their counseling through ongoing live counseling sessions or through e-mail or video counseling
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