Nyakeia D. Wiggins
Lamar State College-Port Arthur
Instructor: Jennifer Bryant
March 2, 2015
The Small Business Administration
The Small Business Administration maintains a rich, vibrant website, and supports a number of high impact programs to support small business growth. Information like this would be very helpful for local small businesses. Even if a business was just getting started, the SBA resources would still be used for help. That explains why the government spends so much money supporting small business growth by providing this array of resources. In this writer’s opinion, if you want to start a small business, using the SBA is the right way.
Review/Analysis of the Case “The U.S. Small Business Administration (SBA) was created in 1953 as an independent agency of the federal government to aid, counsel, assist and protect the interests of small business concerns, to preserve free competitive enterprise and to maintain and strengthen the overall economy of our nation.” (Mission) The SBA helps start, build and grow businesses. “Through an extensive network of field offices and partnerships with public and private organizations, SBA delivers its services to people throughout the United States, Puerto Rico, the U. S. Virgin Islands and Guam.” (Mission) The “SBA provides a number of financial assistance programs for small businesses that have been specifically designed to meet key financing needs.” (What SBA Offers to Help Small Businesses Grow) Like helping “facilitate a loan for you with a third party lender, guarantee a bond, or help you find venture capital.” (What SBA Offers to Help Small Businesses Grow) Those also come in handy when starting a business. In this writer’s opinion, if a business was just getting started, the SBA’s resources would likely be personally used. Especially, the Small Business Data Resources. It’s a list of “online databases by federal agency or private sector source, hyperlinks the listings to their websites, and keys them to the small-business-related topics on which they provide information.” (Small Business Data Resources) It provides information from federal government agencies, as well as nongovernment private sector, university, nonprofit, international, and other sources. They’re broken down into key topics. “Small Business Data Resources is an invaluable tool for researchers, policymakers, small business trade associations, and members of the media interested in small businesses’ role in the economy.” (Small Business Data Resources) This helps explain why the government spends so much money supporting small business growth by providing this array of resources.
The government spends so much money supporting small business growth because “small business is critical to our economic recovery and strength, to building America's future, and to helping the United States compete in today's global marketplace.” (Mission) “A government can use its financial strength to acquire goods and services, while at the same time watering many sources to improve the health, welfare, and security of its population. Economic development has been evasive to a significant section of the U.S. and federal programs have attempted to remedy the disparities. We contend that small business is an engine of economic growth and job creation; and that not tapping it delays rather promotes growth.” Small businesses contributes to the economy by creating new jobs, fueling innovation, and vitalizing inner cities. “Small businesses currently represent 98 percent of all businesses in the United States and they generate nearly 64 percent of all net new jobs in this country. Moreover, small businesses are generally considered to be the first line of employment and thus the initial training