Burke, VA -- The Foundation for Small Business Development (FFSBD) announced today that it has partnered with the Moody’s Corporation, a global provider of credit ratings, research, tools and analysis to collectively provide education, certifications, and cash flow management and forecasting tools to the nation’s largest small business assistance network, America’s Small Business Development Centers (SBDCs).
According to a January 2019 Wakefield Research survey, 61% of small businesses regularly struggle to manage cash flow. Additionally, 82% of business failures are due to poor cash flow management skills or poor understanding of cash flow, according to the March 2017 Preferred CFO study.
By delivering cash flow management and forecasting education combined with cutting-edge software to the SBDC Network, this partnership will enhance the impact of SBDCs to stimulate entrepreneurship and help small businesses grow.
“Effective cash flow management is essential for every small business in the US,” said Stephen Tulenko, Executive Director at Moody’s Analytics. “Our work with the SBDC is an important part of Moody’s ‘Reshape Tomorrow’ initiative - our global financial inclusion program, which empowers entrepreneurs and untapped communities with the knowledge and resources they need to create a better future.”
The three year grant will provide a program of training and certification in partnership with cash flow expert Finagraph™, the makers of CashFlowTool.com. The program will be available online for SBDC Advisors as well in-person which will be delivered at national, regional and state SBDC events. Once SBDC Advisors complete the training courses, they will be able to empower their small business clients with in-depth cash flow expertise. In addition, SBDC’s small business clients will receive a 6-month free subscription to CashFlowTool to help manage and forecast their business’s cash flow. The first online training course will roll-out to all SBDC Advisors beginning Monday June 24, 2019 and the in-person training will be offered at various SBDC All Hands Conferences throughout 2019. A CashFlowTool certification program will roll out to SBDC advisors on July 15th, 2019.
The Foundation for Small Business Development (FFSBD) is a 501(c)(3) organization established in 1995 and dedicated to the creation of educational material and the support, conduct and promotion of educational activities regarding small business. FSBD exists to support and publish independent non-partisan research and analysis through advances in studies focused on entrepreneurs and small business ownership while supporting the activities and goals of economic development organizations, in particular small business development centers.
The FFSBD is the philanthropic arm of the America's SBDC and is dedicated to assisting America’s 27 million entrepreneurs, helping them establish and grow their small businesses through its affiliation with nearly 1,000 local centers across the nationwide network of SBDCs, their partners, stakeholders and alliances.
Moody's is an essential component of the global capital markets, providing credit ratings, research, tools and analysis that contribute to transparent and integrated financial markets. Moody's Corporation (NYSE: MCO) is the parent company of Moody's Investors Service, which provides credit ratings and research covering debt instruments and securities, and Moody's Analytics, which offers leading-edge software, advisory services and research for credit and economic analysis and financial risk management. The Corporation, which reported revenue of $4.4 billion in 2018, employs approximately 13,200 people worldwide and maintains a presence in 42 countries. Further information is available at www.moodys.com.
Reshape Tomorrow is part of Moody’s efforts to open the door to a better future, through its global CSR program. The program focuses on four core areas: empowering people with financial knowledge, activating an environmentally sustainable future, helping young people reach their potential, and sharing our passion and purpose with the world. For more information visit moodys.com/csr.
Finagraph is the worldwide leader in financial software, helping every business eliminate cash flow as a reason for failing and radically streamlining the banking and lending industry with breakthrough software. CashFlowTool™ is a powerful software as a service to enable simple, powerful and predictive cash flow for businesses and accountants. www.cashflowtool.com
Wakefield Research survey of 3000 small business owners, Jan 2019
Preferred CFO study – March 2017 (www.preferredcfo.com/cash-flow-reason-small-businesses-fail)