PERSONAL FINANCES AND SMALL BUSINESS ADMINISTRATION
On July 30, 1953, the federal government established the U.S. Small Business Administration with the purpose of aiding, counseling, assisting and protecting small businesses. SBA financial assistance is vital to the growth and startup of small businesses. Over the years, the SBA has grown in its total assistance provided and also the types of programs offered. Almost 20 million small businesses have received assistance through one or more of the SBA’s programs.
In addition to financial assistance, the SBA also offers tools to manage a business from start to finish and has made improvements to its own business processes. Following the hurricanes of 2005 (Katrina, Rita and Wilma), the SBA experienced an overwhelming number of loan applications from disaster victims. Lacking the capacity to process all of the loans, the SBA established the framework for a recovery plan to deal with future disasters.