Disaster Recovery Resource for Small Businesses Impacted by Recent Hurricanes

Disclaimer: Information within the Business Financing Blog is offered for common info solely, doesn’t represent monetary recommendation, and doesn’t essentially describe Biz2Credit industrial financing merchandise. In truth, info within the Business Financing Blog usually covers monetary merchandise that Biz2Credit doesn’t presently provide. 

The previous few weeks of storms have pounded states throughout the Atlantic together with Florida, Georgia and the Carolinas, leaving thousands and thousands scrambling for sources like SBA catastrophe loans and different funding.  

To add gas to the hearth, the Small Business Association (SBA) introduced that funds for important catastrophe mortgage applications have run dry, and Congress stays in recess till Nov. 12. Despite this, it’s nonetheless inspired to submit an SBA catastrophe mortgage software. Once funding is authorized, loans will start approval as soon as extra. 

For small enterprise homeowners who’ve been impacted by current storms, we’re right here that can assist you get the mandatory sources to get your enterprise again up and working. 

Here’s what that you must know. 

SBA Lending for Businesses Impacted by Storms 

If your enterprise qualifies for a SBA catastrophe mortgage, you could possibly probably stand up to $2 million in loans to “replace damaged equipment or inventory and cover economic injury from business disruption,” based on SBA Administrator Isabel Casillas Guzman. 

These loans are supposed to be a complement alongside any insurance coverage protection in addition to FEMA funding, which was allotted $860 million in funding by the Biden administration. 

Here are a number of loans you might be able to qualify for: 

• Business Physical Disaster Loans: If you personal a enterprise situated in a declared catastrophe space that has skilled injury, it’s possible you’ll be eligible for monetary help from the SBA.   

• Economic Injury Disaster Loans (EIDL): This kind of SBA funding goals to assist companies which have suffered substantial financial losses as a result of disasters similar to hurricanes by offering working capital to cowl working bills throughout the restoration interval till regular operations resume. 

• Military Reservists Economic Injury Loans: This funding helps companies whose important workers have been referred to as to lively obligation due to the catastrophe and helps them keep financially solvent throughout their absence.   

• SBA Mitigation Assistance Loans: The SBA presents low-interest catastrophe loans to small companies impacted by declared pure and different disasters. Eligible debtors could apply for funding to assist mitigate their enterprise in opposition to future disasters.   

If you favor to use in-person, there are software websites in a number of affected states: 

Here’s how one can apply for FEMA help: 

• Call (800) 621-3362. Hours are 7 a.m. to midnight ET on daily basis. 

State Focused Disaster Resources for Small Businesses 

Depending on your enterprise’s location, you might be able to additionally qualify for funding out of your respective state. Here are small enterprise sources for these impacted states: 

Bottom Line 

Resources are launching every day to assist small enterprise throughout the East Coast and Southeast get again on their ft, and we’ll do our greatest to replace this as new funding turns into obtainable.