As we enter hurricane season, it is crucial to be ready and aware of the U.S. Small Business Administration’s recovery funding programs. The Southeast region, with its stunning coastlines and thriving small businesses, is particularly vulnerable to these natural disasters. Even inland areas can experience the destructive effects of hurricanes through high winds and flooding. Small businesses, which are the backbone of our economy, often find themselves on the brink of closure if they are not adequately prepared. To mitigate the risks associated with hurricanes, the SBA offers assistance to business owners in safeguarding their homes and businesses.
With the official start of hurricane season on June 1, it’s important to note that the National Oceanic and Atmospheric Administration has predicted a near-normal forecast for the 2023 season, but it only takes one storm to cause catastrophic damages. This forecast includes a range of 12 to 17 named storms, with five to nine of them potentially becoming hurricanes, including one to four major hurricanes. Businesses can suffer a wide range of impacts from these weather catastrophes, ranging from short-term power outages to the need for complete physical rebuilding after a hurricane.
The first crucial step in storm preparation is to ensure that you are document-ready. Ask yourself if you are aware of the necessary documents required for insurance claims or recovery programs. Ensure your documents are securely stored, either in a digital format that you can access online or in a weatherproof location. It is also essential to keep your documents up to date. To be eligible for an SBA disaster loan, business owners must have several legal documents in place, including deeds, leases, insurance records, trusts, court orders and tax returns. Keep these documents readily available and consider storing them digitally whenever possible.
“It is crucial for businesses to have a comprehensive plan in place for when a disaster strikes,” Allen M. Thomas writes. “Whether it’s a hurricane or another type of natural disaster like wind, flood, wildfire, earthquake, or hail damage, having an emergency response plan is imperative.” Photo by Matt Napo on Unsplash
Additionally, maintain up-to-date contact
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