As we enter September, National Preparedness Month serves as an important reminder for small business owners to protect their operations from unexpected adversities. Natural disasters like hurricanes, wildfires, and floods can have devastating impacts. According to FEMA, 40% of small businesses never reopen after a disaster, and of those that do, 25% fail within a year.
At LiftFund, we’re committed to helping small businesses weather these storms and emerge stronger. Here’s how your business can better prepare for future challenges and how our loan programs can support your recovery efforts.
Steps to Prepare Your Small Business for Disasters
1. Create a Business Continuity Plan
Map out critical aspects of your operations, including backup suppliers, temporary workspace options, and key contact information. Designate roles and responsibilities for your team in case of an emergency.
Example: A local bakery created a plan that included arrangements with a neighboring business to share kitchen space if their primary location became unusable.
2. Review Your Insurance Coverage
Ensure your business insurance adequately covers regional risks like hurricanes or floods. Consider business interruption insurance to maintain income during forced shutdowns.
Tip: Schedule an annual review with your insurance agent to keep your coverage up to date with your business needs.
3. Safeguard Your Data
Implement regular data backups and invest in cybersecurity measures. Cloud storage and secure backups are crucial for protecting valuable business information.
Digital Preparedness: Consider using encrypted cloud storage services, implement multi-factor authentication, and train employees on cybersecurity best practices.
4. Invest in Energy-Efficient and Resilient Equipment
Upgrade to stronger, more efficient equipment that can withstand harsh weather conditions. Our High Energy Efficiency Transformation (HEET) Loan Program can help finance these upgrades.
5. Develop a Communication Plan
Use automated messaging systems, email lists, and social media to keep stakeholders updated on your business status during a disaster.
LiftFund’s Response to Disasters
When disasters strike, having the right resources to recover is crucial. LiftFund offers immediate financial assistance to help businesses rebuild after natural disasters. Our fast, accessible loans are designed to cover essential repairs, replace lost inventory, and restore operations quickly.
Currently, we have a relief fund available for those affected by Hurricane Beryl. Additionally, our QuickFunds loan program provides fast funding options for businesses in need of immediate financial support.
Additional LiftFund Programs
– HEET Loan Program: Invest in energy-efficient, disaster-resilient equipment like weatherproof HVAC systems or solar-powered backup generators.
– First Responders Loan Program: Provides affordable financing to first responders who own small businesses, helping manage business needs while serving the community during disasters.
Act Now: Don’t Wait for the Next Disaster
While September highlights disaster preparedness, protecting your business is a year-round responsibility. By taking the necessary steps now and leveraging LiftFund’s loan programs, you can ensure your business is ready to withstand future disasters and recover faster.
Don’t let a disaster catch you off guard. Take the first step towards preparedness today. Contact LiftFund to learn more about our HEET Loan Program, First Responders Loan Program, and QuickFunds option. We’re here to support your business in good times and bad.
Prepare today, recover tomorrow, and build resilience with LiftFund. Your business’s future may depend on the actions you take now.
https://crsreports.congress.gov/product/pdf/R/R47631
https://www.sba.gov/business-guide/manage-your-business/prepare-emergencies
