SBA Business Resilience Guide – SBA Disaster Loans
The SBA has launched a new Business Resilience Guide filled with resources to help small businesses stay operational before, during or after disasters.
With increasingly stronger climate change-related natural disasters occurring all across the country, the SBA Business Resilience Guide will provide you with the tools and strategies needed to strengthen your operations and preparedness, recover from any disruption, and build resilience moving forward.
The easy-to-follow guide has six sections to help you plan and recover from disasters, including best practices and template forms to help mitigate disasters and build back stronger. These include:
- Understanding your current landscape: Documenting essential operations and identifying dependencies.
- Identifying key partnerships: Recognizing and nurturing relationships with important vendors, suppliers, and collaborators.
- Safeguarding vital resources: The importance of data backup, cybersecurity measures, and infrastructure protection.
- Strengthening financial readiness: Strategies for managing cash flow, securing emergency funding, and minimizing financial losses.
- Embracing proactive mitigation: Strategies for minimizing the impact of potential disruptions through risk assessment and mitigation tactics.
SBA Disaster Loans – For Recovery and Preparedness Against Disasters
In Section 5: Becoming More Resilient Anticipating Recovery, you’ll find several low-interest SBA disaster loans available to business owners that have been impacted by declared disasters. SBA disaster loan borrowers may also receive expanded funding to help mitigate their home or business against future disasters. Loans offered include:
Economic Injury Disaster Loans (EIDLs) to help meet financial obligations and operating expenses. The loan amount is based on economic injury and financial needs and goes up to $2,000,000.
Business Physical Disaster Loans are intended to replace damaged business property or restore it to its pre-disaster condition. While no upgrades or additions are allowed unless required by local building codes, the mitigation loan option mentioned below can be used for resilient upgrades. Funds cover disaster losses not fully covered by insurance. Up to $2,000,000 can be borrowed.
Mitigation assistance is an opportunity to increase an SBA post-disaster loan by up to 20 percent of the verified physical loss amount to make the property more resilient towards any potential future disasters.
The SBA – Here to Help Small Business Owners
For a small business, being resilient involves planning ahead, ensuring back-ups and redundancies are in place, as well as having access to tools needed to get by in the case of a disaster. The SBA Business Resilience Guide can help you determine just how to anticipate the impacts of a disaster on operations, so you can significantly enhance your ability to weather any storm.
In addition to this guide, the SBA offers a wide variety of resources to help small businesses start, grow, and succeed. From financing options and business counseling to contracting opportunities and disaster assistance, the SBA is always there for America’s small business community.
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