Text b. Small Business Administration

Read, translate and summarize the text.

The Small Business Administration / SBA / is a federal agency which was established in 1953. Its major purposes are to advise, assist, and protect small business. The SBA has 10 regional offices and over 90 district and branch offices located in large cities in each of the 50 states in the USA. When planning a business, it is wise to find the nearest SBA office in your area and to make use of its resources. The SBA provides assistance in three major areas: financial advice, procurement of markets, consultation services in management and technical problems.

The SBA makes direct business loans or helps small business get loans from commercial banks. The Small Business Investment Act of 1958 was passed to help finance small businesses. Under this act the SBA licenses and supervises privately owned loan agencies. They are called Small Business Investment Companies /SBIC/ and they provide long-term funds only to small businesses. They are organized by local citizens and chartered under the corporation laws of the state in which they are located.

The SBA is involved in helping small businesses to find a market for their products. They try to bring the small businesses in contact with government agencies which buy the products they sell.

The SBA cooperates with colleges and universities to set up small business research studies. SBA sponsors a Small Business Institute Program with 450 Schools of Business Administration. It also offers evening courses at many local colleges. These evening courses are usually six to eight weeks in length.

Staff specialists in regional SBA offices are able to help individual business owners with the problems of operating their businesses. The SBA has also organized a service group of retired business executives who offer their advice free to small business owners with special problems.

The SBA is authorized under the Small Business Administration Act of 1958 to lend money to local development companies in amounts of up to 500,000 US dollars. The local development companies use the money to finance projects for small firms. Some of the ways the money is used include:

• Economic opportunity loans to help socially or economically disadvantaged persons to own and operate the business.

• Local development company loans.

• A variety of loans designed to offset the hardships of economic emergencies.

The USA federal government passed the Small Business Innovation Development Act of 1982 that created the Small Business Innovation Development Program to provide financial assistance to small companies for high-technology and scientific development projects.

UNIT 6

Banking

Vocabulary Study

1. an institution [ֽɪnstɪ´tju:ʃən] – учреждение, общество, организация.

2. to deal with [di:l] – заниматься чем-либо.

3. payment [΄peımənt] – уплата, оплата, платеж, плата.

4. on behalf of [bı´ha:f] – от лица, от имени (кого-либо).

5. a deposit [dɪ´pɔzɪt] – вклад в банке; депозит, взнос.

6. a loan [ləun] – заем, ссуда, кредит.

7. to seek to do smth [si:k] – пытаться (стараться) что-либо сделать.

8. annual [΄ænjuəl] – ежегодный, годовой, годичный.

9. an interest [΄ıntrıst] – процент (ссудный).

10. a pattern [pætən] – пример, модель, образец.

11. profit [´prɔfɪt] – прибыль, доход; выгода, польза.

12. to shift [∫ıft] – перемещать, передвигать, перекладывать.

13. circulation [ֽsə:kju´leɪʃən] (of money) – (денежное) обращение.

14. to reduce [rı΄dju:s] – снижать, уменьшать, сокращать.

15. a rate [reıt] – ставка, процентная ставка.

16. to implement [΄ımplıment] – проводить в жизнь, претворять, выполнять.

17. to accept [ək΄sept] – принимать.

18. issue [´ɪʃu:] – выпуск.

19. exchange rate [ɪks´tʃeɪnd_з] – обменный курс.

20. supply [sə´plaɪ] – поставка, снабжение; запас.

21. currency [´kʌrənsɪ] – валюта, деньги.

22. to exist [ıg΄zıst] – быть, существовать, иметься.

23. to increase [ın΄kri:s] – увеличивать, повышать, усиливать.

24. growth [grəuθ] – рост.

25. the living standard [΄stændəd] – уровень жизни.

26. a range [reɪndʒ] – ряд, область, круг, сфера.

27. a current account [´kʌrənt] [ə´kaunt] – текущий счет.

28. to enable [ı΄neıb(ə)l] – давать (кому-либо) возможность (право).

29. to withdraw [wɪð´drɔ:] – забирать, изымать, снять, отзывать.

30. to pay in – вносить;

to pay into an account – вносить на счет;

to pay out – выплачивать;

to pay out of an account – снимать деньги со счета.

31. to handle [΄hændl] обращаться (с кем-либо или с чем-либо); вести, иметь (дело) с чем-либо.

32. a deposit account – депозитный счет.

33. resource [rɪ´sɔ:s] –средство, способ;

cash resources – денежные средства.

34. to earn [ə:n] – приносить доход.

35. to invest [ın΄vest] – инвестировать, вкладывать денежные средства.

36. foreign exchange – иностранная валюта;

foreign exchange transaction [træn΄zækt∫(ə)n] – сделка (операция) с

иностранной валютой.

37. cash dispenser [dɪs´pensə] – автомат для выплаты наличных.

38. safe custody [´kʌstədɪ] – хранение банком ценностей клиентов.

39. competition [ֽkɔmpɪ´tɪʃən] – конкуренция.

Exercise I. Read the following international words and guess their meaning. Mind the stress.

′services, co′mmercial, fi′nancial, ac′tivity, de′posit, ′private, ֽindi′vidual, per′cent, ֽvari′ation, ′naturally, ֽsitu′ation, ֽgeo′graphical, ′region, ′stimulate, ′progress, con′struction, ֽcircu′lation, ′operate, ob′jective, ′central, ′monetary, ′policy, ′function, con′trol, ′banknote, re′serves, ′standard, in′vest, ′period, ′credit, com′bine, ֽinter′national, coֽmmunica′tion, ֽtranspor′tation.

Exercise II. Memorize the following pairs of derivatives.

to pay – payment

to accept – acceptance

to construct – construction

to circulate – circulation

to reduce – reduction

to operate – operation

to manage – management

to withdraw – withdrawal

to invest – investment

to compete – competition

commerce – commercial

finance – financial

variation – various

geography – geographical

economy – economic

simple – simply

cheap – cheaply

dear – dearly

annual – annually

natural – naturally

Exercise III. Transform as in the models.

Model 1: to accept payment – the acceptance of payment

to stimulate progress; to reduce rates; to attract buyers; to organize a bank; to implement monetary policy; to develop services.

Model 2: severe competition – to compete severely

financial activity; annual growth; progress payment; direct investment; urgent withdrawal.

Text Study