Created largely in response to the crises caused by the Great Depression and World War II, on July 30, 1953, President Dwight D. Eisenhower signed into law the Small Business Act to "aid, counsel, assist and protect, insofar as is possible, the interests of small business concerns.”

The presidential signature established the Small Business Administration (SBA) and made it a policy to support and protect the interests of small businesses.

Isabella Casillas Guzmán, SBA administrator, issued the following statement before the 70th anniversary:

We have ensured competition and innovation through entrepreneurship to fuel the world's strongest and largest economy.

Stock Market Celebration

Marking the peak of the celebration, which will last throughout August, Casillas Guzmán rang the closing bell on the New York Stock Exchange on July 31.

“America’s small businesses are giants in our economy — creating jobs and making the products and services that define our everyday lives. For 70 years, the U.S. Small Business Administration has helped entrepreneurs gain the know-how and the funding to start and grow,” underscored Casillas Guzmán.

The NYSE welcomes the U.S. Small Business Administration in celebration of @SBAgov's 70th Anniversary. #SBAat70 | @SBAIsabel https://t.co/D0ZRMsStWu

— NYSE (@NYSE) July 31, 2023

As part of this anniversary, SBA will announce in the coming weeks the 68 recipients of the Legacy Business, a series of business ventures that started small and leveraged SBA resources on their journey to become recognized brands.

Milestones

Since the agency's founding, SBA has expanded its assistance to millions of small businesses across the country.

“And we’ve stepped in when disasters disrupt the market to make sure that not only small businesses recover, but that the communities they serve do too,” pointed out Casillas Guzmán.

Its programs now include help with administration, assistance in the acquisition of financial and federal contracts, as well as specialized advice and support in international trade.

Through its programs, SBA provides specialized assistance to women, diverse communities, and veterans of the military.

On July 30, 1953, President Dwight D. Eisenhower signed the Small Business Act into law, establishing the U.S. Small Business Administration! Since then, SBA has helped millions of small businesses start and grow. More: https://t.co/OEJHT809xg

@librarycongress
#SBAat70 pic.twitter.com/enDv1IwmkP

— SBA (@SBAgov) July 31, 2023

“The results are undeniable: In the seven decades since its founding, the SBA has financed billions, fueled some of our most iconic brands and innovative industries, and helped millions of hopeful entrepreneurs realize their American Dreams of business ownership,” stressed the Administrator. 

SBA loans are also available for victims of natural disasters.

SBA Future

The federal agency will continue to work to ensure that the delivery of its programs is equitable, customer-focused, and supports small businesses and innovation.

"As we enter our eighth decade, SBA is building on a record 12.2 million small businesses application boom fostered by President Biden’s Investing in America agenda and a strong commitment to equity that continues to expand access to entrepreneurship in underserved communities,” stated Casillas Guzmán.

Likewise, SBA will continue working on the elaboration of strategies to build resilient companies and a sustainable economy, through a management plan for its technology and human resources to obtain a greater impact.

“By growing our economy from the middle out and the bottom up, leveling the playing field, and creating equitable access to opportunities, we are building a lasting foundation for economic growth and our nation’s global competitiveness,” concluded the Administrator.