After the Storm: How Businesses Can Rebound After a Hurricane
by Debra Schweikowsky | January 2, 2025
Our region experienced Hurricane Helene in September 2024 then just a few weeks later Hurricane Milton. These hurricanes caused widespread destruction to businesses including property damage, physical damage, disruption of business operations, loss of jobs, and economic loss. Hurricane Helene and Hurricane Milton also wreaked havoc on communities that support our businesses. Businesses and individuals in the path of the hurricanes were forced to cope with many challenges and obstacles from navigating the immediate shock and emotional toll, to implementing recovery strategies. For a business to survive they will need to have in place a plan of action that prioritizes resiliency and adaptability. Immediate actions are necessary to protect the business and assets. The quicker and more organized the response, the better the chances of minimizing long-term damage which will impact the business physically and economically.
Safety
After the storm has passed, the focus should be on the safety of their employees, customers, vendors, and suppliers. Employee well-being is important so allow them time to deal with any personal losses or damages and inform them of any assist that is available to them from FEMA, applying for disaster unemployment assistance, to loans or grants that may be available.
Vendors and Suppliers
Keep communication channels open regarding the status of the business operations and when they are expected to return to work. Check with vendors and suppliers to see if their business was impacted by the storm and communicate with them how your business is doing and when operations will resume. For your customers you want to take to social media to let them know your current situation and when you will re-open for business, and if your business has pivoted at all.
Damage Assessment
A full damage assessment should be completed, including:
- building
- content
- inventory
- condition of office equipment
- condition of machinery
- condition of technology
Other damage can include economic injury which is:
- loss of jobs
- loss of contracts
- loss of customers
Contact your insurance company and work closely with them to file claims for property damage and business interruption. Providing detailed records of all losses, including detailed records, before and after pictures, and documentation of the damage.
Disaster Loans
What if your business does not have insurance or your claim was denied due to not having adequate insurance; there are other financial resources. Businesses can explore other options if a disaster declaration has been executed for your region/county.
- SBA Loans: You can check the SBA Website for disaster assistance and check for the incident and it will list all counties that were declared in a disaster zone. The Small Business Administration offers low-interest loans to businesses that have sustained damages due to natural disasters. These loans can help cover rebuilding costs, operational expenses, and more.
- FloridaCommerce Loans: the State of Florida, through FloridaCommerce may offer a bridge loan, again your business should be in the impacted area that was declared a disaster. Bridge loans can fill the gap while you are waiting for your insurance claim and the SBA loans.
- Please note that the SBA and FloridaCommerce have lending requirements, and you should review the eligibility requirements prior to completing your application.
Restoring business operations as soon as possible after a major storm requires careful planning and prioritization. This phase may take time, but with the right resources, businesses can regain momentum.
Debra Schweikowsky
Consultants, Finance, Pinellas, SchweikowskyFlorida SBDC at Pinellas County Economic Development
Specialty: Economic Development Finance Professional (EDFP-BCA), Capital Access, Finance
Debra Schweikowsky is a business professional with experience in business management, administration, banking and finance. She was a small business owner with more than 20 years of experience, including as a franchisee. As a business owner, she successfully implemented a variety of revenue enhancement strategies and is results driven. As a franchisee, she successfully implemented a variety of revenue enhancements, sales tactics, and marketing initiatives, to increase revenues. Schweikowsky successfully sold her business by following an established exit strategy.