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Small Business Assistance history
Small Business Assistance company history timeline
In 1942 the Smaller War Plants Corporation (SWPC) was created by Congress
1944: The Servicemen’s Readjustment Act of 1944 gave the Department of Veterans Affairs the authority to guarantee business loans to veterans.
The United States Small Business Administration (SBA) was created by Congress in 1953 as an independent agency of the federal government.
In 1953, the Small Business Administration (SBA) was founded and established by Congress under the Small Business Act.
It was SBA licensed and regulated and helped provide funds for privately owned and operated venture capital investment firms.In 1964, the SBA created the Equal Opportunity Loans (EOL) Program.
1973-4: Several business organizations, including the Smaller Business Association of New England (SBANE), pushed to strengthen the SBA’s advocacy role, leading to the adoption of Public Law 93-386, which established the Chief Counsel for Advocacy.
In 1976, the Office of Advocacy was created to protect SBA programs and small businesses within the Federal Government.
John M. Goshko, “SBA Benefits to Minorities Aid Well-Off,” Washington Post, July 3, 1977
The SBA began an investigation into the 8(a) program in 1978.
1979: The SBA launched a streamlined program to sell SBA-guaranteed loans in the secondary market.
1980: SBA changed how to determine whether a business is “small” from considering several factors—how much money a company earns, how many people they employ, as well as the type of assistance requested—to just how many employees a company has.
Rob Wright, “Abdnor Steers the SBA Up the Comeback Trail, American Banker, August 20, 1987.
1993: Erskine Bowles, Bill Clinton’s first Small Business Administrator, proposed a 17% cut to SBA’s budget and encouraged making the agency more “efficient” by outsourcing loan activities.
James C. Allen, “Amid Cuts, Do SBA Loans For Realty Still Make Sense?” American Banker, February 7, 1995.
In 1996, the House tried to eliminate the SBA
2000: The GAO reported that “aggressive outsourcing” and “privatization” hampered the SBA’s ability to oversee its loan programs.
In 2000, despite threats, the SBA survived and received high budgets
2005: The GAO reported that the SBA struggled to process disaster loans following Hurricane Katrina The report found that the SBA lacked a timetable for completing a disaster management program and failed to prepare effectively.
In 2009, the Obama Administration supported SBA budgets and strengthened it through the American Recovery and Reinvestment Act of 2009
Robb Mandelbaum, “Why Won’t the S.B.A Lend Directly to Small Businesses?” New York Times, March 10, 2010.
Sally Kestin and John Maines, “Florida cashed in on 9/11 disaster loans,” Miami Herald, September 12, 2011.
2011: The SBA overhauled the rules of its 8(a) Business Development program, which helped minority owned small businesses get contracts with the government, in an attempt to reduce fraud.
In 2011, more than $90 billion worth of federal contracts went to small businesses.
Matthew Yglesias, “Department of Cabinet Shuffles; Obama’s smart, doomed plan to reorganize the government to help small business,” Slate Magazine, January 19, 2012.
J.D. Harrison, “Small Business Administration adopting more of a ‘Silicon Valley’ mentality; Do traditional mom-and-pop shops still get their fair shake?” Washington Post, October 7, 2014.
2016: President Trump nominated Linda McMahon, former WWE executive, to be Small Business Administrator.
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Zippia gives an in-depth look into the details of Small Business Assistance, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Small Business Assistance. The employee data is based on information from people who have self-reported their past or current employments at Small Business Assistance. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by Small Business Assistance. The data presented on this page does not represent the view of Small Business Assistance and its employees or that of Zippia.
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