Today, small businesses generate more than one-third of the gross national product, create the majority of new jobs, and provide arenas for technological innovation. During the early 1950s, the value of small businesses in providing stability for the American economy was realized.

Prior to that time, big business/industry promises of career success too often proved to be empty, and many disillusioned American workers began to embrace the concept of self-employment. As the number of business entrepreneurs increased, it quickly became apparent that such entrepreneurial endeavors needed a protective umbrella if they were to survive normal start-up difficulties common to small business, not to mention competitive pressures generated by larger organizations. In 1953, to address the problem, Congress approved the Small Business Administration Act, which created the Small Business Administration (SBA).

The SBA's administrator directs the delivery of a comprehensive set of financial and business...