The Small Business Act

The Small Business Act is a U.S. law enacted in 1953 to support and promote small businesses. It defines what qualifies as a small business, sets guidelines for government agencies to assist small companies, and creates programs to provide access to funding, training, and resources. The goal is to ensure small businesses have equal opportunities to compete for government contracts and grow, recognizing their vital role in the economy. Overall, it aims to foster a healthy environment where small businesses can thrive alongside larger corporations.