January 30, 2020

SBA: FDIC & SBA Update Money Smart for Small Business Credit and Banking Modules

The U.S. Small Business Administration and the Federal Deposit Insurance Corporation have released two updates to the popular Money Smart for Small Business curriculum. The updated modules focus on banking and credit. They are available for SBA Resource Partners, financial institutions and economic development organizations to help train entrepreneurs and small business owners. 

Money Smart for Small Business is an instructor-led training curriculum that consists of 13 modules, in English and Spanish, that provides practical financial management to small businesses. The updated tools can help strengthen bank and community partnerships that support small business development and growth.

“Money Smart for Small Business has been an excellent resource over the years for entrepreneurs in getting fully equipped to compete in and contribute to the nation’s economy,” said Allen Gutierrez, Associate Administrator for the SBA’s Office of Entrepreneurial Development. “I value our partnership with FDIC as we continue to provide small businesses with updated tools to prepare them for success.”

The updated Banking Services module now includes a discussion of traditional banking products, non-bank financing options and sources, and how to avoid fraud and scams. Similarly, the updated Building Strong Creditmodule explains how a business owner’s personal credit history can impact their business, how business credit reporting works, and how a potential lender evaluates the overall creditworthiness of a small business. A case study brings both modules together and asks participants to put the lessons they have learned into practice. The materials were updated based on input from industry experts and other practitioners, including more than two dozen organizations that have used previous versions of the Money Smart materials. 

Money Smart for Small Business aims to help small business owners and entrepreneurs understand how a strong banking relationship can help them achieve their vision,” said Elizabeth Ortiz, Deputy Director for FDIC’s Consumer and Community Affairs.  “The relationship between banks and small businesses is symbiotic: when one succeeds, so does the other.”

To download the updated modules and to learn more about the Money Smart curriculum, visit www.fdic.gov/smallbusiness.

This post was originally published here.