The company supplies services to greater than 1 million entrepreneurs and small business owners annually. In January 2012, President Obama elevated the SBA into his Cabinet, a position it final held during the Clinton administration. President Herbert Hoover began the Reconstruction Finance Corporation (RFC) through the Great Depression as a lending program for businesses. Franklin D. Roosevelt expanded the RFC after World War II when the Smaller War Plants Corporation (SWPC) was dissolved and its energy to award loans to small corporations to be able to purchase government defense contracts was given to the RFC. After an identical company to the SWCP was dissolved following the Korean War, there was a push to abolish the RFC.
The organization does not supply grants or direct loans, excluding catastrophe relief loans, but as an alternative, guarantees towards default pieces of business loans prolonged by banks and other official lenders that meet the … Read MoreRead More »