Small Business Administration
The Small Business Administration’s (SBA) primary mission is to promote small business development and entrepreneurship.
- SBA carries out its mission with programs that provide access to credit—mostly by guaranteeing loans through its 7(a) and other loan programs—and by providing entrepreneurial assistance through partnerships with private entities that offer small business counseling and technical assistance.
- SBA also administers various small business procurement programs and its 8(a) business development program, which are designed to assist small and small disadvantaged businesses in obtaining federal contracts and subcontracts.
- Additionally, SBA provides financial assistance through its Disaster Loan Program to help homeowners, renters, and businesses of all sizes recover from disasters, such as hurricanes, earthquakes, and terrorist attacks.
- In the past several years, SBA has faced the same budget pressures as other agencies, while demand for its loans, services, and programs has grown.
- SBA’s 7(a) loan program has grown from approximately 45,000 loans approved in fiscal year 2000 to 92,500 in fiscal year 2007.
- Growth in its programs has also created demand for increased oversight.
- SBA’s Disaster Loan Program also faced increased demand due to the damage associated with the Gulf Coast hurricanes in 2005.
