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Small Business AssociationThe Small Business Association was officially established in 1953. However, their mission and philosophy did not come about until years later as a response to the pressures of the Great Depression and World War II. The grandparent of the Small Business Association was the Reconstruction Finance Corporation, created by President Herbert Hoover in 1932. This Corporation was a federal lending program for all businesses hurt by the Great Depression, rather they be large or small. In 1952, a move was to abolish the Reconstruction Finance Corporation. To continue the important functions of such agencies, President Dwight Eisenhower made a proposal to create a new small business agency. This agency was to be called the Small Business Association. On July 30, 1953, an Act for Small Businesses was put before congress. The function of the Small Business Association’s function was to “aid, counsel, assist and protect, insofar as is possible, the interests of small business concerns.” The Act also stipulated that the Small Business Association would ensure small businesses a “fair proportion” of government contracts and sales of surplus property. By the time 1954 came around, the Small Business Association already had business, and was already making direct business loans and guaranteeing bank loans to small businesses. Not only were they involved in doing this, but they also worked to get loans to help victims of natural disasters. Four years later, an Investment Company Act established the Small Business Investment Company Program under which the Small Business Association licensed. The Association helped regulated and helped provide funds for privately owned and operated venture capital firms. They also specialized in providing long-term debt and equity investments to businesses that were considered high risk. In 1964, the Small Business Association began to attack poverty through the Equal Opportunity Loan Program. Through this type of Loan Program, credit and collateral requirements were able to be relaxed for applicants living below the poverty level in an effort to encourage small businesses that had been unable to attract financial backing. However, they were still sound commercial initiatives. The Small Business Association has many great goals and benefits. They truly help small businesses in the effort of trying to improve their commitment to their businesses. |
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