After a 7.0 magnitude earthquake struck the Anchorage, Alaska area, many now face the overwhelming task of cleaning up and recovering what they can of the damage. For small business owners, the challenge of repairing their homes is compounded by the additional task of getting their business back up and running. While larger national corporations may have more resources to assist franchisees, small business owners likely won’t have such luxuries.
Fortunately, as has been done most recently in the aftermath of Hurricane Florence, the Small Business Administration (SBA) will be offering Disaster Relief Loans to help business owners in the process of recovering or repairing various aspects of their business. The SBA must first designate the incident as an SBA-declared disaster, after which they will declare which counties will be eligible for SBA Disaster Relief financing. While neither of these have yet been stated by the SBA, keep an eye out for announcements to see if your business qualifies.
SBA and Disaster Relief
The U.S. Small Business Administration (SBA) is devoted to ensuring the success of small businesses, and offer great options to help businesses get what they need to thrive, or to rebuild. Most recently, the SBA offered disaster loans for those impacted by the wildfires in California. In the wake of Hurricane Harvey in 2017, the SBA approved $367 million in low-interest disaster relief loans to roughly 4,500 businesses in south Texas. They also offered deferment on payments of other SBA loans for those eligible for disaster loans as to alleviate some of the financial burden.
What to Watch For
As the estimates of economic damage the area continue to rise, all eyes are on Alaska. The SBA’s disaster assistance loan information can all be found here. Additionally, if the earthquake is declared a disaster, FEMA assistance may then be available for your business.
Remember, despite how overwhelming the situation may be, that there are resources available to you as a small business owner. Keep your eyes on the SBA and FEMA, and be ready to apply.
This article was originally written on November 30, 2018.