The Small Business Administration is issuing more than $50 million in disaster loans for residents in Alabama, Mississippi and Florida who were affected by storms in April. The disaster relief can be used by homeowners, renters and businesses. The deadline to apply is June 30.
Storms in April produced hail and flooding, which damaged many properties in these states. Cassius Butts, SBA’s Regional Administrator for Region IV, said the loans are designed to help residents make repairs to their homes and businesses, and they should still prepare for hurricane season, which is right around the corner, according to Dothan First.
“SBA’s disaster loans provide much needed money to help individuals and business owners pay for disaster related repairs and replacements that were not covered by insurance, including their deductible and business interruption needs,” Butts said. “These specialty loans are only available when there is a declared disaster.”
PrepareMyBusiness.org, which works with the SBA, provided some tips about how businesses can prepare for hurricanes and storms such as:
- Track storms through radio, TV and all-points bulletin reports.
- Devise safe evacuation routes and alternatives in case those routes are flooded.
- Backup business-related data on a personal computer or USB drives.
- Inspect the current condition of the uninterruptible power supply and have a plan if it goes out.
- Alert all employees to alternative routes and relocation destinations.
Getting prepared before a storm by setting up meeting locations and backing up data is important, but shop owners should also be prepared for what happens after the storm. This is why signing up for business insurance is a good idea. When all is over, buildings may be damaged and in need of repairs. Insurance can help cover the costs of these repairs and protect a business in the event someone was hurt while on the premises.