The U.S. Small Business Administration (SBA) is commemorating its 70th anniversary, highlighting its legacy of success in supporting millions of small businesses across the nation. Established in 1953 by President Dwight D. Eisenhower, the SBA was founded with the signing of the landmark "Small Business Act," which aimed to support and protect the interests of small businesses.

SBA Administrator Isabella Casillas Guzman marked the occasion by ringing the closing bell at the New York Stock Exchange on July 31. In the coming days and weeks, the SBA will announce 68 Legacy Business recipients, honoring businesses that started small and leveraged SBA resources to become household names.

In a statement, Administrator Guzman emphasized the vital role small businesses play in the U.S. economy, creating jobs and providing essential products and services. Over the past seven decades, the SBA has financed billions of dollars, supported iconic brands and innovative industries, and helped millions of entrepreneurs realize their dreams of business ownership.

As the SBA enters its eighth decade, it is building on a record 12.2 million small businesses application boom, fostered by President Biden's Investing in America agenda and a strong commitment to equity. By expanding access to entrepreneurship in underserved communities, the SBA aims to grow the economy from the middle out and the bottom up, leveling the playing field and creating equitable access to opportunities.

Throughout its 70-year history, the SBA has empowered entrepreneurs and small business owners with the resources and support they need to start, grow, and expand their businesses or recover from declared disasters. The agency delivers services through an extensive network of SBA field offices and partnerships with public and private organizations.