ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The Small Business Administration is a government agency designed to bolster and promote the economy by providing assistance to small businesses. The agency was established in 1953. The SBA is headed by the administrator and deputy administrator who are confirmed by the Senate.

Detailed explanation-2: -1953: President Dwight Eisenhower signs the Small Business Act into law on July 30, creating a new agency, the U.S. Small Business Administration (SBA).

Detailed explanation-3: -If you have a business plan but are having trouble acquiring a bank loan, consider reaching out to the Small Business Association (SBA). The SBA is a government-affiliated organization that provides small businesses with a variety of finance programs.

Detailed explanation-4: -The SBA helps small businesses get access to capital by backing loans executed through a nationwide network of lenders. The SBA guarantees a certain percentage of each loan, lowering the risk for these banks to work with qualified entrepreneurs. They don’t actually lend money themselves.