A comprehensive overview of NAICS codes, explaining their purpose as a standardized classification system for North American businesses, primarily used for statistical data collection. They detail the hierarchical six-digit structure of these codes and highlight their critical impact on a business's ability to secure funding, obtain insurance, qualify for government contracts, and comply with IRS reporting. Several sources categorize industries into low-risk and high-risk classifications, providing specific examples and strategies for businesses in high-risk sectors to improve their fundability, such as building strong credit or seeking alternative financing. The articles also mention the older SIC code system and offer guidance on selecting the appropriate NAICS code and the process for correcting misclassified codes.

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