The United States Small Business Administration is responsible for allocating funds, through agency loans and grants, to specific business and community purposes. These purposes include aid to disadvantaged and minority businesses, women-owned businesses, and community improvement. The all branches of the Small Business Administration oversees this process for all states as well as their regions and districts, according the determined needs and objectives of the states.
In addition to awarding funds to various community programs, the Small Business Administration offers free seminars and workshops in business development and business-plan writing, as well as links to additional business support resources in all 50 states. The services offered by the Small Business Administration foster economic growth and community development.
The Small Business Administration celebrates the small businesses that have grown into household names with their assistance. Their website details businesses that have enjoyed great success with the help of local SBA branches. Headworks, Inc., is a water screening company with equipment in over twenty countries that received counseling and guaranteed loans through the SBA. The Small Business Administration is also responsible for the growth of Muniz Engineering, a company that joined the SBA’s 8(a) program for the socially and economically disadvantaged, and now has over 30 government contracts.
Although not all branches of the Small Business Administration does not provide grants for start-up and existing businesses, it does provide a referrals to agencies that aid those seeking financial backing such as SCORE (Service Corps of Retired Engineers) and the SBDC (Small Business Development Center).
The SBDC has provided thousands of hours in free training and consultation, almost half of which were women and minorities. These services linked to the SBA create and save jobs, assist in locating contracts, aid in developing marketing strategies, obtain financing information, provide education of exporting, help to commercialize innovative technologies, and broaden business knowledge and efficiencies. The Small Business Administration also provides links and referrals to the United States Export Assistance Center and the Women’s Business Center, both of which provide free business counseling and training to entrepreneurs at all levels of business development as well as research and other specialized assistance.
Local branches of the Small Business Administration work with hundreds of lenders. They have district and regional offices all over the United States.