The Small Business Administration (SBA)
In July of 1953 the United States Congress amended an act called the Small Business Act. Many believed that the essence of the American economic system of private enterprise is free competition. Also, that only through full and free competition can free markets, free entry into business, and opportunities for expression and growth of personal initiative and individual judgment can be assured. Thus, the Small Business Act was amended. In order to carry out the policies of this Act there was hereby created an agency under the name "Small Business Administration". The United States Small Business Administration, more commonly known as the SBA, is a federal agency to protect and assist America's greatest resource, the small business. Since American enterprise is the backbone of our economy and the driving force behind economic growth and prosperity.
?The mission of the Small Business Administration (SBA) is to maintain and strengthen the Nation's economy by aiding, counseling, assisting, and protecting the interests of small businesses and by helping businesses and families recover from disasters.?
The SBA's mission is to create economic development through small businesses. To put it in simple terms, the SBA helps businesses get started and helps established businesses grow.
The SBA has many functions; here we discuss the six of the functions that small businesses should look at. The first function of the SBA is Business Development, based on management assistance through information, counseling, training and conferences, utilizing the following programs: · Services Corps of Retired Executives (SCORE) · Small Business Institutes (SBI) · Small Business Development Centers (SBDC) · ...
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...er loans are primarily to help homeowners, renters, and businesses of all sizes for rebuilding there disrupted home or business.
When the natural disaster victims need to barrow money to rebuild uninsured damages, it is a good way to go, when you go to the SBA because of the low interest rates, and long-term availability from the SBA. The key things about the loans are that they fix them to your economic standing. Since the SBA was implemented in 1953 the disaster loan assistance program has approved 1.14 million loans and has loaned out more than 16 billion dollars. The SBA has four distinct offices that deal with disaster loans and they are located in Sacramento California, Atlanta Georgia, Ft. Worth Texas, and Niagara Falls New York. The offices are located in very distinct areas of concentration. Due to the fact of geographical storms or natural disasters.
The flood also has helped create today's response to disasters: quick federal aid, often with the president on hand to take credit.
Aside from the loan programs mentioned above, there are many others available for prospective entrepreneurs. As the country 's economy slowly rises out of the shadows of recession, this is exactly the kind of assistance small businesses need to succeed and prosper. Now, which types of SBA financing programs appeal most to your entrepreneurial preference?
Business has been in charge of the upgraded innovation that has generally supplanted the drudgery of most physical work, an outcome in part of the innovativeness of business and its readiness to take and bear the weight of money related hazard. Besides, maybe no establishment in our regular life is more proficient in its operations and more discerning in its association than business. No foundation is more receptive to the requests of its constituents than business.
...y expand their sales base by having smaller businesses sell their products where it would be economical unfeasible for them to set up a branch. Practitioners such as bankers can provide support in the form of soft money to new businesses such as partial grants which do not have to be paid off until the business reached a certain size or level of profitability. (Disabilitymeansbusiness.com 2013)
As with many small business owners they vision of their business usually only extends to their own abilities. They are driven and full of determination and believe their abilities will be able to sustain the business to success. Unfortunately, many small businesses lack the knowledge to be able to effectively be owners’ and leader’ to their organizations.
Hurricane Katrina was considered as the worst hurricane in the history of United States. The winds and the rain were shattering people’s homes which collapsed and flooded. Thousands of people were suffering and dying. People were starving, and becoming dehydrated. Many people were left on the street and became homeless. After the hurricane, so many questions were left regarding the widespread damage and loss of loved ones. This devastating disaster destroyed the city of New Orleans and nearby cities and was estimated to cost $80 billion dollars in damage. State and local emergency in the affected area were struggling to perform urgent response missions such as emergency medical services, search and rescue, firefighting, giving food and water,
Federal intervention in the aftermath of natural disasters began after the San Francisco earthquake in 1906. This 8.3 magnitude earthquake killed 478, and left over 250,000 homeless. While the disaster itself was obviously unavoidable, the subsequent fires that burned throughout the city were a result of poor planning. (1, 17) In an effort to consolidate existing programs, and to improve the nation’s level of preparedness, President Carter created FEMA in 1979. Initially, FEMA was praised for improving communication between various levels of government, and multiple agencies during a crisis. (1,19)
Small Business Administration. “ Women’s History Month Amelia Jenks Bloomer.” Online Women’s Business Center. 16 Apr. 2002. 3 May 2005 .
Pennsylvania Small Business Development Center. (n.d.). Emergency Response Planning: Disaster Preparedness for Small Businesses | pasbdc.org . Retrieved June 3, 2010,
Most non-profit organizations’ purpose is to improve the local community and society. The purpose of a small business is to make a profit by providing a service or selling a product. This purpose is what drives the employees/volunteers and usually there is a difference in how we work when we are just earning a paycheck as compared to when we work toward a cause we believe in.
The Federal Emergency Management Agency is an organization of the United States Department of Homeland Security, initially formed by Presidential Reorganization Plan No. 3 of 1978 and applied by two Executive Orders on April 1, 1979. The initial first response to a disaster is the job of local emergency services with the nearby help of the surrounding sources. A major disaster can be a result of tornadoes, hurricanes, earthquakes, and floods. The event must be absolutely more than the state or local governments can handle alone. If confirmed, funding comes from the President's Disaster Relief Fund, managed by FEMA and the disaster aid programs of other joining federal agencies.
Although small businesses do not make a lot of major deals with large investors, most small businesses create profit revenue greater than large corporations. Small business creators are very brave considering only ten percent of small businesses survive. Unfortunately, some communities do not support local small businesses; they only support the large brand name and force small businesses to die out. Since small businesses will not have a name brand known around the world, many people from communities will not support them because they are not known on a national scale. “This, in turn will affect the local economy and drive capital out of their local economy. On average, for every one hundred dollars spent in an economy, if spent on a
A successful business strategy will identify changes in the external trends in the market place. Plan out what the company’s future direction is. Set out the goals for the management team. It will identify a vision of where the company wants to be in the future. Keep all employees informed of the direction of the company.
Conclusion Overall, the consequences of not having a Disaster Recovery and Business Continuity Plan can become costly in the event of a disaster. Most companies will find themselves in financial disarray when having to rebuild and/or replace any portions of the IT infrastructure that were destroyed during a disaster event. Hence, companies invest in insurance to cover such costs; however, there must be a balance because even with insurance an organization may still incur high expenses. Having a good disaster recovery and business continuity plan will keep your company up and running through any kind of interruptions such as power failures, IT system crashes, natural or man-made disasters, supply chain/vendor problems and more.
The business plan will also be useful in facilitating the adoption of a strategy that will help the business prosper in the modern market. The plan will be a critical tool that will help in the production of a reliable strategy for attaining the goals and objectives. The proposed business plan will be implemented in three years time. Within the first three years, the business i...