Banking

General-purpose credit cards, unknown in the United States before 1958, have become an essential feature of commerce.

Confederate currency—produced by the Confederate government and by individual states in the Confederacy—was critical to the South during the U.S. Civil War in its attempts to establish its own union.

Banks provide three services. They give their clients a way to store value for later use (in savings, checking, and other deposit accounts).

In 1811, Congress failed to recharter the First Bank of the United States, because the majority Democratic-Republican Party believed that its existence was unconstitutional.

Independence from Great Britain brought the United States and its constituent states considerable debt.

The U.S. banking system has long been characterized by a large number of relatively small banks, mostly operating on a local basis only.

The Small Business Administration (SBA), created in 1953, provides LOANS, loan guarantees, and business counseling and advice to owners and would-be owners of small businesses. In 2000, the SBA portfolio included over 200,000 loans worth more than $45 billion. The SBA is part of the U.S. Department of Commerce.

The Export-Import Bank of the United States (Ex-Im Bank) is a government-held CORPORATION created in 1934 to finance and facilitate U.S. exports. To stimulate exports to the former Soviet Union at the end of World War II, the Ex-Im Bank supported reconstruction of Europe and Asia.

Business failure or bankruptcy occurs when a firm cannot pay its debts on time or when liabilities exceed ASSETS. Bankruptcy is an ancient issue, critical to the development of an economic and social system. It is addressed both in the Old Testament of the Bible and the U.S. Constitution.