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Financial Education


  • Submitted on 06 August 2010

    Credit ScoresFair Isaac & Co, or FICO, is a generic term for a credit bureau score and refers specifically to model used by FICO.  There are other statistical models, however, FICO is the most widely known.

    Credit scoring has become widely accepted by lenders as a reliable means of credit evaluation.  The credit score condenses borrowers credit history into a single number.  FICO and the credit bureaus don’t reveal the exact methodology for computing the numbers. 

    FICO scores vary from 375-900 points.  The higher, the better.  To get the best interest rates, you generally need to score 680 or higher.  Someone with higher than 680 is considered to have “A” credit.  If you score below 620, you will generally pay a higher interest rate on your mortgage and your credit is considered “sub-prime.” If your score is between 620 and 680, the lender may decide which category you belong based on factors such as income, assets, payment history, etc. 

  • Submitted on 06 August 2010

    Free Annual Report

    Your credit score represents the creditworthiness of you as an individual or your business. A credit score predicts the likelihood that you will repay your debts.

    Your business credit score determines your access to capital, rates on rental space, insurance and other business needs.

    The score is comprised of data from the three major credit bureau.

  • Submitted on 11 March 2010

    Maximizing the Web’s convenience, accuracy and speed, IRS.gov -IRS’s web site- now assists millions of individual taxpayers, tax professionals, and small business owners to better understand and meet their tax responsibilities.

    Updated Virtual Small Business Tax Workshop

    The IRS’s Virtual Small Business Tax Workshop is an interactive resource to help small business owners learn about their federal tax rights and responsibilities. This dynamic educational product, available online and on CD 24/7 from your computer, consists of nine stand-alone lessons that can be selected and viewed in any sequence. A bookmark feature makes it possible to leave and return to a specific point within the lesson. Users also have access to a list of useful online references that enhance the learning experience by allowing them to view references and the video lessons simultaneously.

  • Submitted on 24 November 2009

    Keeping up with federal tax requirements is not easy in today’s fast-changing business environment. Even if you use a tax professional’s services, you still need to know and understand your tax responsibilities.

    That’s why the IRS offers you a time-saver: IRS e-News for Small Businesses. E-news is a bi-weekly newsletter that alerts you to what’s new, hot and important for small business owners to know. It’s quick to read, easy to subscribe – and it’s free.

    IRS e-News for Small Businesses features:

    Tax dates for small business owners, to help you avoid missing a deadline

  • Submitted on 09 May 2009

    Last week the U.S. House of Representatives passed the Credit Cardholders’ Bill of Rights - a common sense financial system reform and consumer protection.  This bill provides  tough new protections for consumers facing excessive credit card fees, sky high interest rates and unfair agreements that credit card companies revise at will.

    This bill is important to the establishment and growth of minority businesses because a greater proportion of minority-owned firms are started or acquired by using credit cards (10 percent of firms) among other sources of capital, compared to non-minority firms (9 percent of firms), according to MBDA’s “Characteristics of Minority Businesses and Entrepreneurs.” (March 2008)

Did you know...

MBDA Minority Business Centers helped clients obtain capital totaling $4.76 billion during the last 5 fiscal years.
Graph for Dollar Value of Capital

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