SIC codes, or Standard Industrial Classification codes, are a system used by the U.S. government to classify and categorize businesses based on their primary industry or line of work. These codes are assigned by the U.S. Office of Management and Budget, and are used by various government agencies, as well as private businesses, to gather and analyze economic data. Each SIC code corresponds to a specific industry or sector, such as manufacturing, finance, or retail. Businesses can be assigned one or more SIC codes, depending on their operations. The SIC code system has been replaced by NAICS (North American Industry Classification System) codes which is a more detailed classification system.
It’s worth noting that while the SIC codes were widely used in the past, they have been largely replaced by the North American Industry Classification System (NAICS) codes in government and industry use. NAICS codes are similar to SIC codes in that they classify businesses by industry and activity, but they have a different structure and more detailed industry breakdowns. Lenders and other organizations may still use SIC codes, but it’s more likely that they will use NAICS codes when determining the nature of a company’s operation.