FDIC and SBA announce MSU-taught business financial education

New and aspiring entrepreneurs benefit from Money Smart for Small Business Program offered from Federal Deposit Insurance Corporation and Small Business Administration.

December 31, 2012 - Author: Mark Thomas, Michigan State University Extension

All business owners see to it that a product is made, marketed and the enterprise is managed. For those in the service industry, a service is provided, sold and the business supervised. The Federal Deposit Insurance Corporation (FDIC) and Small Business Administration (SBA) worked with local partners to develop a 10-module curriculum that provides an introductory training for new and aspiring entrepreneurs on the basics of organizing and managing a business. Business, or potential, owners without formal training will benefit greatly and feel more comfortable in learning the “language” of business.

The Money Smart for Small Business curriculum is taught through community partners that are able to provide follow-up training. As they are locally-based, referrals and technical support is offered to graduates of the training.

Management and business supervision requires the salient talent of financial literacy. Accordingly, the core curriculum of 10 modules presents introductory information on running a small business from a financial standpoint. Areas covered include: the type of organization, time management, record keeping and tax planning and reporting. Information on banking services for small business, credit reporting, insurance and risk management are also part of the instruction. Each module is taught over the course of an hour and will allow time for individual counseling on pressing issues.

Financial education fosters financial stability for individuals, families and entire communities. The more people know about credit and banking services, the more likely they are to increase savings, buy homes, and improve their financial health and well-being.

FDIC’s Emerson Hall of the Dallas region speaking last July (2012) expressed the reasoning for Money Smart training: “The objectives explain concepts in an easy-to-understand method and highlight the benefits derived by the participant upon understanding and implementing the concepts into the operations of their business enterprise. The modules provide relevant and practical concepts that can be immediately applied in managing a business. Key objectives and takeaways are highlighted to encourage the participants to immediately practice lessons learned.”

Michigan State University Extension educators working with the MSU Product Center Food-Ag-Bio will work with local partners to present the Money Smart for Small Business curriculum in 2013.

Additional resources for business can be found on the MSU Extension website.

Tags: business, business development, entrepreneurship, msu extension

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