What Is the Function of the U.S. Small Business Administration?


Quick Answer

The U.S. Small Business Administration's purpose is to provide small businesses with financing and capital options, provide educational opportunities and training, coordinate small businesses with government contracts and provide advocacy for small businesses. Their mission is to help people start, build and grow businesses, according to the SBA.

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Full Answer

The Small Business Administration has a plethora of helpful tools and educational articles on their website for people who want to start a business. They help people create a business plan, choose a business structure, register a business, obtain necessary licensing and permits, file and pay taxes, hire employees and find ways to finance a business.

They have an online training center with self-paced courses that cover topics such as marketing and customer needs, business growth and pricing and buying or selling a business.

To obtain a loan from the Small Business Administration, a company must show less than a $15 million net worth in a year and have two years tax proof that the business makes less than $5 million in net income as of 2015, says the Journal of Accountancy. They offer a few different loans types and require records and information like any other loan source, so the Journal of Accountancy suggests approaching the Small Business Administration like any other business loan.

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