SIC 6153 Short-Term Business Credit Institutions, Except Agricultural

Encyclopedia of American Industries | 2005 | Copyright

SIC 6153
SHORT-TERM BUSINESS CREDIT INSTITUTIONS, EXCEPT AGRICULTURAL

This industry includes establishments primarily engaged in extending credit to business enterprises for relatively short periods. Private establishments primarily engaged in extending agricultural credit are classified in SIC 6159: Miscellaneous Business Credit Institutions.

NAICS Code(s)

522220 (Sales Financing)

522320 (Financial Transactions Processing, Reserve, and Clearing House Activities)

522298 (All Other Non-Depository Credit Intermediation)

Industry Snapshot

Credit generally refers to a purchase, or the power to make a purchase, of goods for use in the present—with payment deferred to a future date. Granting credit typically depends upon three factors: character of the borrower, capacity to repay, and capital used as collateral. Each of these factors introduces some risk into the transaction. The risk of lending on character is called "moral risk," the risk of lending on capacity is called "business risk," and the risk of lending on capital is called "property risk." An ideal borrower will combine a minimum of each of these three risks.

Lenders are often not in a position to evaluate a business against these criteria as easily as they could with an individual. Consequently, they may contact either general or special mercantile agencies to find needed...

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