In This Issue
- November Monthly Message from the FDIC
- Money Smart and Small Business
- Upcoming Money Smart Events
- Latest FDIC Consumer News Edition
- Tips and Techniques
November Monthly Message from the FDIC
In November, the FDIC celebrates veteran-owned businesses across the country during the National Veterans Small Business Week (NVSBW). The FDIC, the Small Business Administration (SBA), and other government agencies will host in-person and virtual events highlighting the nation’s nearly two million veteran-owned small businesses. Topics include discussions regarding the entrepreneurial journey for veteran and military spouse small business owners, transition assistance, entrepreneurial training, government contracting, disaster assistance and access to capital resources.
For those just starting a veteran-owned small business, the FDIC Money Smart for Small Business (MSSB) introduces topics related to starting and managing a business. It provides training for new and aspiring entrepreneurs on the basics of business from organizing to managing a small business.
To increase the public’s awareness of deposit insurance and how it can protect people’s money in the event of a bank’s failure, the FDIC developed a national consumer campaign, “Know Your Risk. Protect Your Money.” The campaign reaches people who may have lower confidence in the U.S. banking system or who are unbanked, as well as those who use mobile payment systems, alternative banking services and financial products that may appear to be FDIC-insured but are not.
We are inviting financial institutions, community organizations, government agencies, and others who serve the public to help raise awareness of deposit insurance protections. Learn how you can spread the word.
Use Money Smart in November and join us on social media using the #FDICMoneySmart to show us the Money Smart products in action!
Money Smart and Small Business
According to the U.S. Small Business Administration Office of Advocacy, small businesses account for 44 percent of U.S. economic activity. They “create two-thirds of new net jobs and drive U.S. innovation and competitiveness.”
Owning and managing a small business can be challenging. According to the U.S. Small Business Administration, owners close their small businesses due to retirement, sale of the business, or illness or injury. In addition to these factors, small businesses close due to low sales/cash flow, business credit, or personal credit. That is where you and Money Smart for Small Business resources can help!
Money Smart for Small Business has modules for Managing Cash Flow, Small Business Financial Planning, Building Credit, Record Keeping, and Selling Your Small Business. If you are teaching people who are considering opening a small business, Is Owning a Business a Good Fit for You? is the perfect module to start the discussion.
If your students are considering opening a small business, they should know something about personal credit, too. Good refresher courses on personal credit can be found in How Money Smart Are You? Also, Borrowing Basics, Credit Reports and Credit Scores, Managing Debt, and Using Credit Cards are all important on a small business journey.
You might also find the following FDIC Consumer News articles helpful:
Small businesses are an important part of the U.S. economy. Money Smart for Small Business and professionals who teach it can help small businesses stay open and strong.
Please consider sending a few words on your Money Smart financial education sessions to MoneySmartNews@fdic.gov, so that we can consider highlighting your programs in a future edition of this newsletter. Please include any tips you may have based on your use of the material. Pictures (ideally ones that do not show participants’ faces) are also welcome.
Upcoming Money Smart Events
Visit the Money Smart Training and Events page for information on how to register for our upcoming events.
Latest FDIC Consumer News Edition
The November 2023 edition of the FDIC Consumer News titled “Shopping for a Certificate of Deposit” provides tips to help you choose the right CD for your financial needs. Read the full article here.
Tips and Techniques
If you are teaching Money Smart for Small Business and you want to add an expert to your team, consider partnering with one of the following organizations:
The Small Business Administration (SBA) helps you access loans, additional capital, and opportunities in your area.
The Small Business Development Centers provide counseling and training to small businesses including working with SBA to develop and provide informational tools to support business start-ups and existing business expansion.
The Minority Business Development Agency (MBDA) is the only federal agency entirely dedicated to the growth of minority businesses.