NAIC and SIC Codes to Build Business Credit

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Business Name Issues

A common reason for loan rejection is that the application does not display the legal business name that is on file in state documents. It is important to ensure that all company records, certificates, and bank accounts use the same name. If your business operates in a high-risk market, your company name may be problematic. High-risk markets are typically characterized by a higher chance of injury to employees or a business that handles more cash transactions than others. To avoid this, it is advisable to avoid using a business name that identifies a high-risk industry in your application.

If you acquire an aged shelf company, don’t change the name of the company.  You’re better off filing a Doing-Business-As (DBA).

SIC codes-shelfcompanyinfo
SIC codes-shelfcompanyinfo

SIC And NAICS Codes: High Risk Industries And Business Names

Lenders may view certain industries as high-risk, which can lead to automatic loan rejections or stricter loan terms. They assess a company’s industry by looking at factors such as its code, which may be a SIC or NAICS code. To avoid automatic denials, it is important to be truthful about the company’s industry while also finding ways to mitigate any perceived risks. It is important to note that the list of high-risk industries may change, and the information can be found by searching online for “High Risk NAICS Codes.”

Restricted Industries That Trigger An Auto-refusal Of Financing

Lenders often view certain industries as high-risk and may automatically deny loan applications from companies within these industries. These industries may include, but are not limited to, gambling, adult entertainment, firearms, and marijuana-related businesses. Lenders determine the industry a company is in based on factors such as the company’s code, which may be a SIC or NAICS code. It’s important for companies within these restricted industries to be truthful and not attempt to conceal their industry when applying for loans, as this can result in potential denials and even criminal charges. However, companies within these industries can still explore alternative financing options or seek out lenders that specialize in high-risk industries.

SIC codes-shelfcompanyinfo

Some industries are considered high risk by lenders and may trigger automatic loan rejections or more stringent underwriting, higher premiums, and fewer favorable conditions. These industries include:

  • Auto Dealers

  • Recreational Vehicles

  • Motorcycle

  • Boat Dealer

  • Aircraft Dealer

  • Automotive Parts

  • Automotive Repair

  • Casinos

  • Travel Agency

  • Check Cashing

  • Currency Exchange

  • Electronic Fund Transfer

  • Money Transmitter

  • Pawn Shops

  • Jewelry Store

  • Jewelry/gem

  • Consumer Loans

  • Convenience Store

  • Convenience w/Gas

  • Restaurant

  • Liquor Store

  • Tobacco Distributors

  • Vending Machine

  • Parking Garage

  • Private ATM’s

Non-governmental Charity

It is important to note that the list of high-risk industries may change over time and can vary depending on the lender. It is also important to be truthful about the nature of your business and to avoid making false or misleading statements.

SIC codes-shelfcompanyinfo
SIC codes-shelfcompanyinfo

SIC Codes

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.


The North American Industry Classification System (NAICS) is a system used by governments and private organizations in the United States, Canada, and Mexico to classify businesses by their type of economic activity. Unlike the SIC codes, which uses a four-digit numbering system, NAICS codes use a six-digit numbering system. Each digit in the code represents a different level of industry classification, with the first two digits representing the most general classification and the last four digits representing a more specific classification. For example, the code “311352” would represent the industry of “Confectionery from Cacao Beans from Confectionery Manufacturing from Confectionery, Nut, and Confectionery Product Manufacturing”. NAICS codes are updated every five years to reflect changes in the economy and the types of businesses that exist.

SIC codes-shelfcompanyinfo

Sic Codes, D&b And The Irs

The Standard Industrial Classification (SIC) codes were used by the Securities and Exchange Commission (SEC) and the IRS to classify companies by their primary business activity. The North American Industry Classification System (NAICS) replaced SIC in 1997 and is currently used by the US government to classify companies. D&B, a business credit reporting agency, uses NAICS codes to classify companies, and information reported to D&B may be shared with the IRS for tax purposes. It is important for businesses to accurately report their revenue and classification information to both D&B and the IRS to avoid potential audits.

The North American Industry Classification System (NAICS) is a classification system used by the US government to identify and classify different types of businesses. The NAICS code system was developed by the Office of Management and Budget (OMB) and the US Census Bureau to replace the Standard Industrial Classification (SIC) code system. The NAICS system is a more comprehensive and detailed system that includes 20 sectors and 1,057 industries. It classifies businesses by industry and activity and assigns them a six-digit code, making it easier to identify specific industries and sub-industries. Unlike SIC codes, NAICS codes are updated every five years to reflect changes in the economy and industry.