Small Business Administration

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Small Business Administration

An agency of the U.S. federal government that guarantees loans made to entrepreneurs and small businesses. It also provides special assistance to businesses run by women and minorities. It was established in 1953.
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Small Business Administration (SBA)

A federal government agency created in 1953 to “aid, counsel, assist and protect... the interests of small business concerns,” including real estate-related industries. It provides training and counseling and financial assistance through loans and guarantees. The SBA (www.sba.gov) also negotiates small business set-asides with federal agencies requiring outside goods and services, meaning that a certain predetermined percentage of those contracts will be awarded to small businesses.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
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SBA honored three women-owned, minority-owned businesses and a Navy official during the 23rd National Minority Enterprise Development (MED) Week celebration in Washington.
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Last year, the SBA also reformed 8(a) regulations in an effort to encourage competitive versus set-aside procurement, says Calvin Jenkins, deputy associate administrator for government contracting and minority enterprise development. The SBA implemented mentor-protege and HUD (historically underutilized) zone programs to increase procurement opportunities for SDBs and streamlined the 8(a) contracting process with 25 federal agencies so they would work more directly with 8(a) firms, eliminating the SBA as the middleman.
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11-14 National Minority Enterprise Development (MED) Week 2005 Conference in Washington, sponsored by the Commerce Department's Minority Business Development Agency.
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Under new guidelines, contracting officers will be able to award contracts to SDBs if the industry is one where credits are available, the firm is able to do the work and the firm's bid is within 10% of the fair market value of the contract," says Richard Hayes, Small Business Administration associate deputy administrator for government contracting and minority enterprise development.
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But make no mistake: Though they are licensed and regulated by the SBA, all SBICs are Minority Enterprise Development Companies and are privately owned investment firms.
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7-11 National Minority Enterprise Development Week 2094 (MEDWeek) in Washington, sponsored by the Small Business Administration and the Minority Business Development Agency.
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