Celebrating The 70th Anniversary of The Small Business Administration

Mason Vera Paine

The Small Business Administration is an invaluable resource for those seeking to launch their own business; but many are unaware of how exactly it can help you. Region Five Administrator, Geri Sanchez Aglipay; gives insights on the Small Business Administration and how it can help you. For information about the services SBA provides, visit: SBA.govLike the SBA on Twitter at: Twitter.com/SBAgovLike and Follow on SBA on Facebook at: Facebook.com/SBAgov https://masonverapaine.com/wp-content/uploads/2023/09/13.-Geri-Sanchez-Aglipay-SBA-70th-anniversary-1.mp3 SBA 70th Anniversary Transcription 00:00 – Announcer: Mason Vera Paine. 00:09 - Mason Paine: In today's evolving entrepreneurial landscape, the importance of understanding the resources available to business owners is detrimental. One organization that has constantly supported the cause of small business is the Small Business Administration. This year marks a significant milestone for the SBA as it celebrates its 70th anniversary. Joining me to speak about the origin's achievements and where the SPA is headed in the future is Region's five administrator, Geri Sanchez-Aglipay. Thanks so much for joining me, Geri. 00:31 - Geri Aglipay: Thank you. 00:32 - Mason Paine: Now it's the 70th anniversary of the SBA. Can you tell me why was the SBA started in the first place? 00:39 - Geri Aglipay: The SBA was started in 1953 when President Dwight D. Eisenhower signed a law that created the SBA into existence. It really happened upon the heels of the Great Depression that had occurred, and then not long after World War II. And this country was looking to revitalize its economy in the 1950s given the economic conditions that had occurred, especially after World War. And so the FBA was established because we know that two out of three jobs are created by small businesses. It helps also to reinvest back into the community. We call that the multiplier fact. When you shop at a small business, you're actually making sure that those dollars are reinvested back into the community, shopping at small business, meaning that they're recirculated in the community, and they can be recirculated between seven to up to 10 times more in the community, which means that it can go towards shopping at other locations and reinvesting into the road, services and such. So really, shopping local does have that multiplier effect of reinvesting back into the community through commerce. 1:43- Mason Paine: Now that's really cool. But I'm also curious about what other programs does the SBA offer that's going to help entrepreneurs in general? Is there something that people don't know about? 1:53 - Geri Aglipay: Well, when we're celebrating our 70 years, we're celebrating the positive impact that we've had for American entrepreneurship, competition, and innovation through our economy. What we're doing now, that was with President Eisenhower and under President Biden and Administrator Guzman, we continue to put small businesses at the forefront of President Biden's investing in America agenda. What we're doing is that we are positioning the agency under Administrator, Guzman, and President Biden to meet people where they're at, leveraging technology, learning about that to improve customer service experience. I'm right now taking up this interview by myself with you as well. That's leveraging technology, making use of that so that we are saving time and money so small business owners can focus on what they do best, which is run their business. We also do that by advancing equity in all of our programs so that they can compete and win contracts in the global marketplace, but also the United States. Some of those programs are lending programs as well. They've been stall work flagship programs to actually provide affordable loans for small businesses to start up. And SBA has long been that gap financer, but we want to make sure everybody who wants to grow a business can in this country....