Excerpt via FORBES - Natural disasters can strike at any time, and have a devastating impact on communities and small businesses. For owners, government organizations like the Small Business Administration (SBA) have been offering disaster relief since before World War II, and continue to do so today with Hurricanes Harvey and Irma. According to MarketWatch, as of last week, the SBA had received 2,117 loan applications from residents and businesses affected by Hurricane Harvey.
Unfortunately, not all small businesses are able to recover after a natural disaster, and 75 percent of small businesses don’t have a disaster plan in place. According to the Federal Emergency Management Agency (FEMA), 40 percent don’t reopen after a natural disaster due to the astronomical cost of repairing damages. Even if the small business does reopen, 52 percent of owners say it would take at least three months to recover.
Every year, business owners spend 88 million hours applying for funding that isn't a good match for them - time that nobody has to waste. These businesses would have received funding if they applied to the lender that was the best match for them. SourceFunding.org has a network of 20,000 community lenders and helps you get the right funding for your business, from the right source. Learn more here.
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