On Jul. 30, 1953, the U.S. Small Business Administration (SBA) was officially created with the Small Business Act to “aid, counsel, assist and protect, insofar as is possible, the interests of small business concerns.”

The SBA originated with the Reconstruction Finance Corporation (RFC), created by President Herbert Hoover in 1932 to alleviate the depressed economy. The RFC was a federal lending program for all businesses, large and small, hurt by the Great Depression.

Since then, SBA has helped millions of entrepreneurs pursue their dreams of business ownership. Some of America’s biggest companies — including Nike, Apple, FedEx, Ben & Jerry’s, Under Armour and Chobani — got their start with help from SBA. Small businesses are the backbone of our nation’s economy, creating jobs and making communities vibrant places to live and work. For more than seven decades, the SBA has helped entrepreneurs access the capital, market opportunities and networks necessary to start, grow and build resilient businesses.

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.