February 3, 2020
By Mary Miller
Contributing Editor, Main Street Monday
Main Street Monday – SBA and FDIC Release Two New Updates to Money Smart for Small Business Curriculum
In a recent news release, the SBA and FDIC announced two new updates to the highly successful Money Smart for Small Business program. Both updates focus specifically on banking and credit.
Developed and launched jointly by the SBA and FDIC in 2012, the Money Smart for Small Business training series features 13 separate modules focusing on topics related to starting and managing a small business. Each module includes a scripted Instructor and printable participant guide.
The first update can be found in the “Banking Services” module. This module now features training and discussion about banking products, non-traditional banking options, and tips on avoiding fraud schemes.
The second update appears in the “Building Strong Credit” module. This module covers information about how personal credit history can affect a business, and now includes an in-depth explanation about business credit reporting. It also covers how lenders evaluate and determine the creditworthiness of a small business.
The new updates were created based upon input from industry experts and other professionals, including input from over two dozen organizations that have used previous versions of the Money Smart training series.
“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,” says 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.”
The free Money Smart for Small Business curriculum is available to economic development organizations, financial institutions and SBA Resource Partners as a powerful training tool when working with entrepreneurs and small business owners.