The U.S. lies between the headline-snagging storms of the summer season and the possibility of winter storms in the coming months. Because of this, it’s crucial to think about the dangers to infrastructure and a business’ physical location.
Entrepreneurs in underserved communities or those that lack access to necessary funds might particularly not know the resources at their disposal. Fortunately, there are multiple government grants for small businesses to use for building and land improvements. The key is knowing which are applicable to a specific business, especially since certain criteria will make some businesses ineligible.
Anyone starting a business probably knows at least some of the costs associated with disaster readiness, such as insurance. Small Business Trends pointed this out in a recent article, calling for businesses to be ready for various storms and other conditions, given the programs that could possibly affect them.
“Affordability and eligibility can be a clear and necessary concern for rebuilding after a disaster.”
The Small Business Administration has specific loans for disasters, but there are other options that might be needed to develop a new location in response. When this is the case, affordability and eligibility can be a clear and necessary concern.
Business News Daily said that a disaster can force businesses to get in touch with their employees, customers and insurers to reassure them that things are still functioning normally.
With the SBA 504 Loan, businesses can obtain as much as $10 million in capital, possibly allowing them to fund real estate and equipment. A new construction would have to be at least 60 percent occupied by the owner to qualify, but with that and other points satisfied, business owners may have more confidence for preparing for the future. Contact Growth Capital today and register for our mailing list to find out more.
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