In the Small Business Act of July 30, 1953, Congress created the Small Business Administration, whose function is to "aid, counsel, assist and protect, insofar as is possible, the interests of small business concerns." The charter also stipulates that SBA would ensure small businesses a "fair proportion" of government contracts and sales of surplus property. Read the Small Business Act in full.

In 1958, Congress enacted the Small Business Investment Act of 1958, which provides vehicles for small business investments such as small business investment companies (SBICs) and certified development companies. Read the Small Business Investment Act in full.