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Simple English definitions for legal terms
Small Business Administration
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A quick definition of Small Business Administration:
Small Business Administration: A government agency that helps small businesses by giving them a fair chance to get government contracts, making sure their loans are safe, and giving them money if they need it because of a disaster. The Small Business Administration was made in 1953 to help small businesses.
A more thorough explanation:
The Small Business Administration (SBA) is a government agency that helps small businesses in various ways. It was created by the Small Business Act of 1953.
The SBA provides assistance to small businesses by:
- Assuring them a fair share of government contracts
- Guaranteeing their loans or lending them money directly
- Providing disaster relief
For example, if a small business wants to bid on a government contract, the SBA can help ensure that the bidding process is fair and that the small business has a chance to win the contract. Additionally, if a small business needs a loan to grow or expand, the SBA can guarantee the loan or even lend the money directly to the business.
The SBA also provides disaster relief to small businesses affected by natural disasters such as hurricanes or wildfires. This can include low-interest loans to help businesses rebuild and recover.
Overall, the Small Business Administration plays an important role in supporting and promoting the growth of small businesses in the United States.