The Small Business Administration (SBA) was created in 1953 by President Eisenhower in an attempt to protect the interests of small businesses in the United States. 60 years later, the historial impact of the SBA can be felt throughout America.
I was sent a great infographic (posted below) yesterday outlining the history of the SBA and highlighting some of the Administration’s key contributions to small businesses in America. The infographic was originally posted by Lendio.com.
One of the main roles of the SBA is to help small business receive the loans they need to jumpstart their business. The SBA currently has a loan portfolio of more than 219,000 individual loans amounting in over 45 billion dollars.
One of the key statistics that the infographic presents to us, is that small business account for almost 50% of the private payroll in the United States. Even wise the rise of large corporations, small business still play a significant role in the American economy.
Some more interesting facts presented by the SBA infographic, are embedded in the two graphs at the bottom of the infographic. We can definitely see that small businesses have felt the effect of current financial situation. In 2008 and 2009 there were significantly more business closures than openings which, in the previous 3 years, was the opposite. We can also see that the amount of lending to small businesses has dropped drastically in the last two years.
Hopefully the Small Business Administration can continue their historical trend of aiding small businesses and help them work through the financial situation that has devastated both big and small businesses nationwide.