A member of the ACCC Executive Board, Vice President Mark Kelly, attended the SBA Seminar on October 15, 2018 to gather more information for ACCC members whose businesses have been impacted by Hurricane Florence.
Help is still available.
If your business (studio, inventory, supplies, loss of income, etc.) has been impacted by Hurricane Florence (physical loss: studio, inventory, supplies, etc. and/or economic loss: income), please consider using the following resources for "Hurricane Florence Business Recovery. The program is a collaboration between the U.S. Small Business Administration, the Small Business Technology Development Center (SBDTC) at Eastern Carolina University, and Thread Capital.
For information visit: www.sbtdc.org/hurricaneflorence or call 800-228-8443
Here's some quick information to review provided by the SBA:
Provides FREE and confidential counseling; primarily 1:1 business counseling, but also disaster recovery
Deadline for applications: 11/14/2018 for physical damage; 01/31/2019 for economic damage
There are no grants available; low interest, long-term loans only
Financial reports and tax returns necessary
Contact your insurance company even if you don't have flood insurance
Loan approval can take anywhere from 2 weeks to 9 months, so "bridge loans" are available through Thread Capital at the NC Rural Center
SBA Physical Disaster Recovery Loan
physical loss up to $2M
property, machinery, inventory, etc.
loan amounts above any insurance payments
20% of loan may be applied to preventing future losses
Economic Injury Disaster Loan (EIDC)
for small businesses and most private non-profit organizations
up to $2M for lost revenue
be able to show >120% of cash flow to qualify for loan amount
also private home disaster loans: $200K house, $40K contents
"DON'T DO IT ALONE" – SBA is here to help with:
loan application creation
finding new physical space, including moving costs
disaster unemployment assistance for owners and employees