Prepare now for the next flood
Q: I had some damage to my business during April’s floods. Unfortunately, I’m in a tight spot financially and haven’t been able to make all the necessary repairs. Is there any financial assistance available for a situation like mine?
A: Yes, the U.S. Small Business Administration offers low-interest, longterm disaster loans to small businesses in declared disaster areas. Loans can be for physical damage or economic injury or a combination of the two. For last month’s storms, President Barack Obama declared Harris County and several other Texas counties to be major disaster areas.
If you think a loan would see you through, the application process is relatively simple. First, youneed to register with FE MA, the Federal Emergency Management Agency. Call 800-621-3362 or go online towww.fema.gov. Once you have your registration number, you can submit your SB A loan application. Apply online at http:// disasterloan.sba. gov/ela, or apply in person at one of the Disaster Recovery Centers setup throughout the disaster area. Find the list of center son the FE MA website as well as details of the disaster declaration.
Even though the loans are for situations just like yours, you’ll still need to meet certain credit requirements to qualify: Your credit history has to be acceptable, you’ll have to show that youhave the ability to re pay the loan, and you may have to put up collateral for a loan over $25,000. Also, only uninsured or otherwise uncompensated losses are eligible.
Since the Houston area has a history of being hit by floods and hurricanes, it’s a good idea to spend some time now thinking about how you might better prepare for the next time. Your first concern should be your people. Stock upon supplies and keep first-aid kits on hand in case people can’ t leave your facility. Practice evacuation procedures and hold fire drills. Keep lists of all your important contacts in several places in case you can’t access computer files orget to your office.
Then take a look at your property with an eye for what you should repair, reinforce or move to make it less susceptible to potential damage. Any critical hard copy files should be in waterproof and fire proof containers. Don’t forget to set a regular schedule for backing up computer systems and move data to the cloud. Check your insurance coverage to make sure you have the right kind insufficient amounts. Build a cash safety net in case it takes longer than expected to get back ontrack.
Take advantage of the resources available through the University of Houston-Bauer College Small Business Development Center. You can get free and confidential advice. Call 713-752-8444 or visit www. sbdc.uh.edu.