The Gulf Coast is reeling from Hurricane Harvey. While more than 40,000 households are just beginning to evaluate the effects of the storm, thousands of entrepreneurs are going through the same challenges with their small businesses.
The true economic impact of Hurricane Harvey won’t be known for some time, but the Small Business Administration reports that 25 percent of small businesses don’t reopen after a major disaster.
At SCORE, we know that access to the resources businesses need when facing unforeseen circumstances is essential for survival.
Every business deserves to thrive again after an emergency.
Info for businesses affected by Hurricane Harvey
If your business sustained damage or economic hardship due to a disaster in your area, you can apply for an SBA Disaster Loan. Businesses of all sizes may apply for up to $2 million to be used to repair damaged real estate, replace or repair machinery and equipment, or replace inventory and various other business assets. You may also be eligible for to borrow up to $2 million for economic injury recovery.
A loan officer will work with you to review your credit, inspect your business and determine your eligibility. As this process may take some time due to post-storm demand, it’s important to apply for an SBA Disaster Loan as soon as you’re able to safely determine whether you need assistance.
DisasterAssistance.gov, FEMA’s hub for disaster relief information, can guide you toward other options for financial assistance.
Info for businesses preparing for emergencies
If your business was out of the path of this storm, you may want to take this time to evaluate your emergency preparedness plan. Not sure how to plan for the worst while you hope for the best? The Department of Homeland Security’s Ready program offers a detailed guide for business preparedness planning.
Here at SCORE, we have a detailed archive of disaster preparedness and recovery resources. You can find checklists to help you prepare for tornadoes, hurricanes, winter weather, earthquakes and other weather-related events. You’ll also find ways to use social media and email wisely in an emergency.