Getting small-biz help after a hurricane
6 survival tips for your business in a disaster situation
One of the many heroes emerging from the rescue efforts of Hurricane Harvey, Jim McIngvale of Houston’s Gallery
Furniture, is a small-business owner.
McIngvale, known to Houston residents as “Mattress Mack,” transformed his two furniture warehouses into emergency relief shelters, giving more than 400 displaced Houstonians a warm, safe, dry place to stay as well as free meals. Staffed by a team of volunteers he pulled together, McIngvale sent out his fleet of 24-foot trucks to rescue people stranded throughout the city.
“We’re trying to help them out because they’ve done so much for us over the years,” McIngvale told reporter Sharon Ko of KENS-TV, San Antonio, as he allowed tempest-tossed Houstonians to sleep on his new mattresses, even allowing them to bring their pets.
But once the waters recede, McIngvale, like other small-business owners in hurricane-affected parts of Texas (and now other areas hit by Hurricane Irma), will have to deal with the losses they incur. Where can small businesses hit by storms turn for help?
As the painful recovery begins — a recovery that may be the costliest in U.S. history –if you’re a small-business owner, the following steps may help ease this difficult period:
1. Apply for low-interest disaster loans. If you’re looking for a low-interest loan to help you recover, go to the Small Business Administration’s Hurricane Harvey page. These loans are available not only to small businesses but also to homeowners, renters and private non-profit organizations. 2. Take advantage of de
ferred loan payments. If you have an existing small-business loan from the SBA as of August 25, your principal and interest payments are being automatically deferred for 12 months in counties declared as federal disaster areas. Businesses in nearby counties may be eligible for a ninemonth payment deferral. 3. Apply for federal assis
tance. Register with the Federal Emergency Management Agency or call 1-800-621-FEMA (3362). FEMA provides emergency cash grants for housing, medical and other disaster-related needs. If you need to get a roof over your head before you can run your home-based business, this comes in handy.
4. Contact your local Small Business Development Cen
ter. SBDCs are always called on after disasters to help small businesses complete the forms necessary to get federal disaster relief, recover their critical records and relaunch their businesses. 5. Contact your insurance
agent. For information on settling insurance claims after disasters such as Hurricanes Harvey or Irma, check out the Insurance Information Institute’s website. 6. Check with your industry
association and vendors. Your own industry may have specific help for your type of small business. For example, the Book Industry Charitable Foundation is providing relief to booksellers who’ve incurred losses due to Hurricane Harvey, and publisher Simon & Schuster is helping both libraries and booksellers restore their inventory.
Everyone and every small business should be preparing for the next disaster, wherever you live. Huge fires are currently devastating large swaths of the West, with businesses in Oregon and Washington having to close because of fire and smoke.
Develop an emergency plan and get adequate insurance. Determine the most critical components of your business and plan to protect those —employees, data, power, phones, Internet, building access.
Small-business owners are a can-do, resilient bunch. Like Gallery Furniture owner McIngvale, we understand the importance of community and strengthen the communities in which we live. Let’s help them get back on their feet.
“We’re trying to help them out because they’ve done so much for us over the years.”
Jim McIngvale, owner of Houston’s Gallery Furniture, who opened his doors to displaced Houstonians after Hurricane Harvey