Case Studies in Small Business Finance Following a Disaster
The International Economic Development Council has released a new briefing on strategies to support small businesses following a disaster. Six case studies highlight how American communities have utilized public, private and a mix of public and private funding to aid small businesses to return to operations and thrive following a disaster. Discover how your organization can replicate these programs when faced by a disaster.
The six case studies highlighted are:
- Vermont Farm Fund: a revolving loan fund for agricultural enterprises funded through private donations
- Business Flood Recovery Fund, Minnesota: foundations and the state worked together to provide emergency flood recovery grants to small businesses located within an impacted region.
- Tornado Relief Fund, Oklahoma: created a web exchange for local businesses to provide excess supplies, space and resources to impacted businesses; worked with regional chambers of commerce to create a small business recovery fund for business in the path of the tornado
- Revolving Loan Fund, Texas: using a grant from the U.S. Economic Development Administration, the Gulf Coast Economic Development District created a revolving loan fund to support businesses after they have exhausted traditional venues for recovery funding
- Operation Disaster Resiliency, Pennsylvania: the Pennsylvania Small Business Development Centers received a grant from the U.S. Economic Development Administration to provide consulting to businesses in counties that received a disaster declaration in FY2011 and created a training program to educate businesses on disaster resiliency
- Small Business Disaster Relief Fund, Louisiana: a partnership between a state trade association and regional foundation created a gap fund to provide grants to businesses for expenses not covered by insurance.
This research project was accomplished through the U.S. Economic Development Administration (EDA)’s Economic Adjustment Assistance Project No. 01-79-14223. The statements, findings, conclusions, recommendations, and other data in this report are solely those of IEDC and do not necessarily reflect the views of the U.S. Economic Development Administration.
This report is part of a larger compendium of research and technical assistance produced by IEDC and funded by the aforementioned U.S. Economic Development Administration (EDA) grant, which focuses on long-term economic recovery of disaster-impacted communities in Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Puerto Rico, Rhode Island, Vermont, U.S. Virgin Islands, Virginia, and Washington, DC that received a federal disaster declaration during FY2011. IEDC greatly appreciates input and assistance received from its members and stakeholders who participated in research and interviews for this report, and would like to acknowledge those who contributed greatly to the content of this report.