Certification in Supplier Diversity Practice Exam

What program was created by Congress in 1953 to support small businesses?

1. Small Business Administration

2. Federal Trade Commission

3. Socioeconomic Programs

4. International Anti-Bribery Act

The correct answer is: Small Business Administration

The program created by Congress in 1953 to support small businesses is the Small Business Administration (SBA). The SBA was established with the mission of aiding, counselling, and protecting the interests of small business owners. It plays a critical role in providing access to resources such as loans, contracts, and business development assistance to help small businesses grow and thrive in a competitive economy. Over the years, the SBA has implemented numerous programs to ensure that small businesses can participate in government contracting and benefit from federal procurement opportunities, which is fundamental to fostering a diverse and inclusive business environment. Other options, while related to various aspects of business and economic regulation, do not specifically focus on the support or development of small businesses. The Federal Trade Commission, for instance, mainly focuses on preventing anticompetitive, deceptive, and unfair business practices rather than on direct support to small enterprises. Socioeconomic Programs are broader and do not refer to a specific entity focused solely on small business support, and the International Anti-Bribery Act deals with corruption in international business practices, which is unrelated to the foundational support provided to small businesses in the American economic landscape.