The Independent Community Bankers of America (ICBA) has signed an agreement with the Federal Deposit Insurance Corporation (FDIC) to help foster its Money Smart for Small Business financial education program.
The program is intended to help teach entrepreneurs the basics of organizing and managing a company. The ICBA will also continue to make its members aware of this free program, as part of the terms of the agreement which coincides with ICBA’s mission to promote financial literacy among community bank customers.
Terry Jorde, senior executive vice president and chief of staff for ICBA, said the program is truly beneficial to small business specifically. “Community banks continue to be prolific small business lenders, with banks under $10 billion making about 60 percent of all small business loans under $100,000, so having additional resources for our customers is a win-win,” he said.
The FDIC Money Smart for Small Business program is designed to help educate both new and existing small business owners. The program has ten training modules that include tax planning and reporting. Money Smart is also available in Spanish.