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The SBA was created on July 30, 1953, by Republican President Eisenhower with the signing of the Small Business Act, currently codified at 15 U.S.C. ch. 14A.The Small Business Act was originally enacted as the "Small Business Act of 1953" in Title II (67 Stat. 232) of Pub.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 "Reconstruction Finance Corporation Liquidation Act" was Title I ...
In January 2012, President Barack Obama announced that the SBA administrator would be elevated to Cabinet rank, a position it last held during the Clinton Administration. [ 1 ] [ 2 ] [ 3 ] The most recent confirmed administrator was Kelly Loeffler , who was nominated by President Donald Trump and confirmed by the Senate on February 20, 2025.
In addition to the support options listed above, paid members also have access to 24/7 phone support by calling 1-800-827-6364. Popular Products. Account; AOL Mail;
The Office of Advocacy of the U.S. Small Business Administration represents the views of small business to Congress, the White House, federal agencies, federal courts, and state policymakers. It is an independent federal government office housed within the Small Business Administration and created by act of Congress in 1976. [ 2 ]
SBA loan statistics. According to the SBA, at the end of 2023 fiscal year:. $27.5 billion in SBA 7(a) loans was approved. Almost 70 percent of 7(a) loans were for amounts under $350,000
The OIG recommended that the SBA improve its oversight and monitoring of SCORE's use of government funds, and its reporting of performance results. The OIG also recommended that the SBA recover $713,986 of unallowable and unsupported costs. [8] By 2021 SCORE began to emphasize the importance diversity, equity and inclusion in business . [9]
The SBA also is audited by two legislative entities: the Auditor General [8] and the Office of Program Policy Analysis and Government Accountability. [ 9 ] Each trustee also appoints two members to the Participant Local Government Advisory Council (PLGAC), which reviews the administration of the local government investment pool known as Florida ...
The Small Business Act Amendments of 1958 (Pub. L. 85–536, 72 Stat. 384, enacted July 18, 1958) withdrew Title II as part of that act and made it a separate act to be known as the "Small Business Act". Its function was and is to "aid, counsel, assist and protect, insofar as is possible, the interests of small business concerns".