These verifications allow small businesses to be eligible for VA contracts. Commercial lenders make industry comparisons to see how closely you compare to other businesses, so choosing the right codes for your application can give you a stronger chance of being approved for a loan. Incorrect codes can raise red flags in the underwriting process. These resources can help you apply Census data to your plan.
Many federal, state, and local governments require NAICS codes from businesses for administrative, taxes, or contracting purposes. NAICS helps group similar business establishments for the purpose of collecting, analyzing, and publishing statistical data related to the economy. It is important that when you identify your NAICS code, that you double check that you have selected a code that represents the correct Industry Sector.
For example, if your business is a shoe manufacturer, do not select a shoe retailer NAICS Code even though that may have appeared as a search result. This varies by government agency, as they each have their own method for assigning NAICS codes to the establishments on their lists.
The Bureau of Labor Statistics initially assigns a NAICS code based on the business activity information provided on an application for unemployment insurance.
NAICS is pronounced as "nakes," thus rhyming with "snakes. For additional information, click on the links below. Census Bureau website.
Nexis Uni Drop down the menu to the right of "Nexis Uni" in the top left of the screen. Click on the "Company Dossier" link. Enter the company name or ticker symbol in the appropriate box and click on the red "search" box.
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