In This Issue
“If you help just one person improve their financial situation, you have accomplished success.” –Jim Watkins, CRA Officer, Limestone Bank, Louisville, Kentucky
- May Monthly Message from the FDIC
- Money Smart and Small Business
- Upcoming Money Smart Events
- Latest FDIC Consumer News Edition
- Tips and Techniques
May Monthly Message from the FDIC
Homeschool Awareness Month is celebrated in May every year. The FDIC has resources to help homeschool families bring financial education into their homes. If you are planning on teaching Money Smart sessions that discuss financial readiness for youth, the FDIC offers two instructor-led financial education curricula to support learning: Money Smart for Young People and Money Smart for Young Adults. You can use Money Smart modules to talk about earning money, spending money, saving money, and borrowing and protecting money.
If you only have time for short lessons, consider Money Smart News for Kids. FDIC Money Smart News for Kids includes nine chapters, which introduce basic banking terms to children, who are perhaps just beginning to learn about finances. Each issue builds upon the next and introduces two characters who try out different financial concepts along the way.
FDIC Consumer News articles Money Management for Youth and Teaching Children About Money Now, Pays Dividends Later may also be helpful as you teach youth about finances.
Money Smart and Small Business
The U.S. Small Business Administration (SBA) Office of Advocacy defines a small business as having fewer than 500 employees. That definition makes 99.9 percent of all businesses in the United States small businesses. Those businesses employ 61.7 million Americans or 46.4 percent of private employees. “From 1995 to 2021, small businesses created 17.3 million net new jobs, accounting for 62.7% of net jobs created since 1995.”
It is no wonder we celebrate National Small Business Month! What a great time to teach Money Smart for Small Business (MSSB). You can teach MSSB to aspiring or existing small business owners in both English and Spanish. The course introduces topics related to starting and managing a business such as Is Owning A Small Business Good For You? and Planning for a Healthy Business.
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? Borrowing Basics, Credit Reports and Credit Scores, Managing Debt, and Using Credit Cards are all important on a small business journey.
You can find additional small business resources at the FDIC Consumer Resource Center. We have included links to reference materials, small business assistance programs, and other resources.
The SBA has guides that may supplement the MSSB curriculum. You will find: 10 Steps to Start Your Business, Plan Your Business, Manage Your Business, and Grow Your Business. These courses include topics such as conducting research about your potential business, applying for licenses and permits, getting federal and state tax ID numbers, hiring employees, buying assets and equipment, and expanding to new locations. These units also provide courses for unique groups like women-owned businesses, Native American-owned businesses, veteran-owned business, rural businesses, and others.
Different divisions of the SBA or other federal agencies may enhance your course when you partner with them. The Small Business Administration 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 solely dedicated to the growth of minority businesses.
If you teach Money Smart for Small Business this year and you have a success story to tell, let us know at MoneySmartNews@fdic.gov. We would be happy to feature your business in an upcoming Money Smart Newsletter.
Upcoming Money Smart Events
Join FDIC on Thursday, May 16, at 2:00 p.m. ET for a Money Smart for Small Business (MSSB) Train-the-Trainer Webinar directed at financial institutions, organizations, and individuals interested in teaching financial education. The webinar is designed to teach prospective trainers how to use the Money Smart for Small Business curriculum to help entrepreneurs improve their financial skills and develop positive banking relationships. Click here to visit all Money Smart events.
Latest FDIC Consumer News Edition
The May edition of FDIC Consumer News is titled “Your Business, Your Deposits,” and provides information to consider about taking payments from your customers, deposit insurance treatment of certain business accounts, and scams affecting businesses. Read the article here.
Tips and Techniques
As you teach Money Smart for small business, you may want to partner with the SBA, especially the District Office in your area. The District Offices provide help with SBA services including funding programs, counseling, federal contracting certifications, and disaster recovery. They can also connect you to partner organizations, lenders, and other community groups that help small businesses succeed.
The SBA also has Regional Innovation Clusters, which are networks of businesses and other organizations that work together to maximize strengths and resources, allowing businesses to compete on a larger scale.