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Emergency savings can help your business survive unexpected crises. Learn how much money to keep in your emergency fund, how to build it and when to use it.
Building an Emergency Fund
July 1, 2023
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Nobody starts a business with the expectation that they'll need an emergency fund. However, it's smart to begin one in case of a natural disaster, economic downturn, global pandemic, or another unexpected catastrophe. In just three minutes, John Howie, a SCORE mentor, walks you through the basics of building an emergency fund for your small business. For a more in-depth look at emergency funds, consider using either the checklist or e-guide linked in the sidebar here. Need more help? Request a SCORE mentor today!
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Financial experts often recommend individuals have an emergency fund to use for unexpected expenses and setbacks.
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