HOUSTON, TX (September 21, 2017) 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.
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