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Disaster Loan Program Explained

Blogged By: 
SBA News
Created on September 9, 2014
 

Loan ApprovedDid you know that in the wake of a disaster, the U.S. Small Business Administration (SBA) provides low-interest disaster loans to homeowners, renters, businesses of all sizes and private, nonprofit organizations? In the aftermath of hurricanes, floods, earthquakes, wildfires, tornadoes and other disasters, SBA is the primary source of money from the federal government for long-term recovery assistance.

Am I eligible?

SBA’s Disaster Loan Program is not exclusively for small businesses. These low-interest, long-term loans are available for damage to private property owned by individuals, families, businesses of all sizes and private nonprofits not fully covered by insurance.

While property owners usually have some insurance coverage, often it does not cover all losses or even the type of hazard that caused the damage. And that’s where a disaster loan comes into play.

What can I use the loan for?

There are actually a few different types of disaster loans available. SBA can provide up to $2 million in disaster assistance for businesses.  This includes loans to cover physical damage and economic injury losses. Some applicants will qualify for both an economic injury loan and a physical disaster loan.  Meanwhile, the dollar limit for the combined loans is $2 million.

Historic Forum Yields Significant Gains for Africa-U.S. Business Ties

Blogged By: 
Stefan M. Selig is the Under Secretary of Commerce for International Trade

Created on September 5, 2014, 2014

 

Under Secretary of Commerce for International Trade Stefan M. Selig speaking with Elizabeth Littlefield, President & CEO of the Overseas Private Investment Corporation at the U.S.-Africa Business Forum.Under Secretary of Commerce for International Trade Stefan M. Selig speaking with Elizabeth Littlefield, President & CEO of the Overseas Private Investment Corporation at the U.S.-Africa Business Forum.

Earlier this month, the U.S. Department of Commerce and Bloomberg Philanthropies co-hosted an event showing that Africa is one of the world’s next great sources of economic growth.

The first-ever U.S.-Africa Business Forum brought together American and African business leaders with the heads of nearly 50 African nations to exchange ideas and create partnerships that will promote trade, accelerate job growth, and encourage investment.

And this was not just an academic discussion. We built the kind of relationships that will help usher in a new level of success for the growing economies and businesses of Africa, as well as spur real gains for U.S. companies.

Protect Your Investment

Blogged By: 
MBDA
Created on September 2, 2014
 

Protect your InvestmentSeptember is National Preparedness Month.

There are steps you can take to safeguard your company and secure your physical assets.

Review Insurance Coverage: Inadequate insurance coverage can lead to major financial loss if your business is damaged, destroyed or simply interrupted for a period of time. Insurance policies vary, so check with your agent or provider about things such as physical losses, flood coverage and business interruption. Understand what your policy covers and what it does not. Ask about any deductibles, if applicable. Consider how you will pay creditors and employees. You should also plan how you will provide for your own income. Finally, find out what records your insurance provider will want to see after an emergency and store them in a safe place.

Prepare for Utility Disruptions: Businesses are often dependent on electricity, gas, telecommunications, sewer and other utilities. Plan ahead for extended disruptions during and after a disaster. Carefully examine which utilities are vital to your business’s day-to-day operation. Speak with service providers about potential alternatives and identify back-up options such as portable generators to power the vital aspects of your business in an emergency.

Get Your Business Ready for Any Kind of Disaster at Free National Preparedness Month Webinar Series

Blogged By: 
SBA News
Created on August 28, 2014
 

Each year small businesses nationwide are forced to close their doors in the aftermath of severe storms, flooding, tornadoes, wildfires and hurricanes. Business interruptions, even if they last just a few hours, are costly in terms of lost productivity and profits.

You can get help with your own business preparedness planning through a series of free webinars in September hosted by the U.S. Small Business Administration and Agility Recovery. The September series is presented in collaboration with FEMA’s Ready Campaign as part of National Preparedness Month.

The SBA wants to help business owners take charge of the well-being of their own companies, the safety of their employees, and the sustenance of their local economies by being prepared to rebound quickly from any kind of disaster.

The half-hour webinars will be presented at 2 p.m., ET, each Wednesday in September. Visit http://snurl.com/296yw4e to register for any or all of the webinars listed below:

Nomination Deadline for Export Advisory Committee Extended

Blogged By: 
MBDA
Created on August 28, 2014
 

Renewable Energy and Energy Efficiency Advisory CommitteeIn support of U.S. renewable energy and energy efficiency manufacturers and services providers, the U.S. Department of Commerce has re-established the Renewable Energy and Energy Efficiency Advisory Committee (RE&EEAC). The RE&EEAC shall advise the Secretary regarding the development and administration of programs and policies to expand the competitiveness of U.S. exports of renewable energy and energy efficiency goods and services, in accordance with applicable United States regulations.

The Secretary of Commerce is seeking members for the Renewable Energy and Energy Efficiency Advisory Committee!

The Department of Commerce recently revised its policy regarding appointment of federally-registered lobbyists to Department advisory committees. The Secretary of Commerce will now consider nominations of federally-registered lobbyists for appointment on the RE&EEAC. In light of this policy change, the Department has extended the deadline for submitting nominations to 4:00 p.m. Eastern Daylight Time (EDT) on August 29, 2014. Please see this Notice for additional information. Please also note that the Department is in the process of amending the RE&EEAC charter to reflect the revised policy.

Did you know...

Between 2002 and 2007, minority-owned firms outpaced the growth of non-minority firms in gross receipts, employment, and number of firms. Minority firms are an engine of job creation.
Graph for MBE Growth

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