On Jul. 30, 1953, the U.S. Small Business Administration was official with the Small Business Act, but it originated with the Reconstruction Finance Corporation (RFC), created by President Herbert Hoover in 1932 to alleviate the depressed economy.

Today, the SBA includes an array of programs to support small business in all areas, including the life science through the Small Business Innovation Research (SBIR) Program and the Small Business Technology Transfer (STTR) Program.