The recent destruction wrought by Hurricane Sandy has served as an unfortunate reminder of how devastating natural disasters can be to restaurants and other small businesses. Even the most prepared of businesses may not be able to predict how a storm or other event will affect their business, and many New England restaurants and other small companies are struggling to get business back to normal now that the worst of the storm is over. However, a natural disaster does not have to spell immediate doom for companies that have sustained significant storm damage.
There are a variety of options available to small businesses and restaurants that are trying to build up some of their capital lost in the storm. The Small Business Administration (SBA) and the U.S. Department of Agriculture (USDA) both offer disaster assistance in the form of low interest disaster loans to companies and individuals who need to repair or replace equipment that has been damaged during Hurricane Sandy. While the USDA focuses primarily on providing resources to individuals, communities, and farmers with damaged crops, the SBA offers economic injury loans of up to two million dollars to commercial establishments that have sustained “significant economic injury.” The SBA also offers a variety of other benefits to recovering companies, such as tax relief programs and free legal services for those who are unsure of how exactly to proceed with their restoration. The Federal Emergency Management Agency (FEMA) also offers low interest disaster loans to businesses, and is well prepared to provide assistance to those currently trying to reopen their businesses. Information about how to apply for a loan through FEMA can be found here .
In addition to federal loan programs, many restaurant equipment suppliers offer leasing options that allow restaurant owners to finance their equipment at a low monthly rate. Leasing equipment allows business owners to get their shops and restaurants back up and running as soon as possible to offset the money lost due to decreased post-storm customer traffic. Financing over time will help reduce the strain on other sources of income while the local restaurant economy returns to normal, and most equipment suppliers and leasing companies will be more than happy to work with you to establish a viable payment plan during your time of need.
J.E.S. Restaurant Equipment would like to wish the best to all of those who have been financially impacted by Hurricane Sandy. Our thoughts are with all of you as you begin the recovery process.
