With the hurricane season upon us, the U.S Small Business Administration continues to prioritize support for impacted communities through disaster assistance efforts — including financial relief loans and grants, enabling businesses in need to get back on their feet again quickly.
Administrator Isabella Casillas Guzman from the U.S. SBA reminded everyone during the annual Hurricane Preparedness and Actions briefing that preparedness is key to limiting damage from natural disasters.
“Our small businesses depend on neighborhoods to survive and thrive as neighbors are their customers and employees. That is why the SBA helps entire communities – homeowners, renters, nonprofits, and businesses – become more resilient and recover swiftly from disasters.”
The Administration is committed to fighting climate change and preparing America for its impacts. In 2020, the United States suffered 22 separate billion-dollar disasters — more than any other year in history — but experts expect this number will continue growing as natural hazards become increasingly destructive.
- The SBA approved more than $2 billion in funding for natural disasters this past year.
- Last year, the COVID EIDL Advance Programs put more than $378 billion into the hands of 3.9 million entrepreneurs from our hardest-hit sectors.
- Additionally, over $800 billion was allocated through the Paycheck Protection Program and $28.6 billion through the Restaurant Revitalization Fund.
Small business is the backbone of our communities. The SBA’s disaster relief loan programs help these locales recover swiftly after an event occurs.
- The SBA’s disaster loan program is the only federal assistance that provides private property owners an affordable way to mitigate their impacts and protect homes, families, and business employees’ livelihoods against successive disasters.
- SBA disaster loans can be used for insurance deductibles, refinancing an existing mortgage, or rebuilding. They also have low fixed interest rates, so there is less financial upfront need, and monthly payments are affordable.
- What’s more, borrowers not only have access to up 20% of their total losses as verified by the Agency — but they can also get funds for protective measures against future damages.
Preparation is Everything.
Here are a few ways businesses can get ready for this year’s hurricane season:
- Protect your business with a communications plan
- Subscribe to local emergency management alerts
- Keep vital information in the cloud
- Review insurance coverage and consider business interruption insurance
- Take a video inventory of property and assets
- Consider e-commerce solutions or temporary alternative locations to resume operations quickly
- Evaluate supply chains
- Engage in pre-disaster contract development opportunities
- Practice and test your plan with managers and staff
Today the SBA is taking a fresh look at how it can best help small businesses in the face of these growing disasters, developing innovative approaches to allow entrepreneurs to be resilient during the upheaval.
AVANA Helps Borrowers Purchase Commercial Real Estate & Equipment With 504 SBA Loans
- Acquisition financing. Funding used by a company to buy another company.
- Building improvements. Update your company’s building.
- 1031 exchange purchases. Trade investment properties and defer taxes.
- Expansion and renovation. Expand your business to a new location or renovate your current building.
- Partner buyouts. Purchase the ownership stake of another partner with a 504 SBA loan.
Since 2002, AVANA has empowered businesses to grow and thrive through specialized lending and financing solutions. AVANA is comprised of a dedicated and diverse team of finance professionals with a unified mission to create jobs, stimulate economies and contribute to clean energy. Focused on supporting and providing impactful, socially-driven investment opportunities that preserve wealth and create growth.
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