The U.S. Small Business Administration was established in 1953 as an independent agency of the federal government to aid, counsel, assist and protect the interests of small business concerns and to preserve competitive enterprise. It supports a business development program that works to help small, disadvantaged businesses to compete in the American economy and access the federal procurement market. The administration provides financial assistance through grants, surety bonds and equity capitals. The U.S. Small Business Administration provides low-interest disaster loans to homeowners, renters, businesses and private and nonprofit organizations to replace damaged and destroyed real estate, personal property, machinery and equipment, and inventory and business assets. It assists small business on issues concerning legislation, regulation and disputes. In addition, the administration also maintains reports, statistics, records, studies, and information on laws and regulations affecting small businesses.