Hurricane Irene Hurts Local Businesses

As many communities in New England reel in the aftermath of Hurricane Irene, including major floods in Vermont and dangerous power lines down across multiple states, business owners, along the East Coast are getting bad news. As they return to their places of business, they are finding physical damage to their buildings and property, and are realizing the struggle ahead as they deal with the economic blow caused by power outages, lost inventory, and lost business from being closed down.

The SBA already has people deployed in North Carolina, and many more states will be assessed over the next few days. Businesses and nonprofit organizations of any size can apply for a low-interest disaster loan of up to $2 million to repair or replace damaged real estate or inventory, or an Economic Injury Disaster Loan, also up to $2 million, to help cover working capital needs, regardless of whether the business suffered property damage.

Applications can be made here: https://disasterloan.sba.gov/ela/. For information about the disaster loan process, or to have an application mailed to you, you can either email disastercustomerservice@sba.gov or call 800-659-2955. To download an application, go here: www.sba.gov/disaster.

Applications for SBA loans which are accompanied by a clearly written business plan are best, so consider having your situation evaluated by a professional business plan writing firm before applying. This will ensure you accurately estimate your funding needs!