Be a little pessimistic now, and assume it can happen to you. Develop a disaster plan for your home or business now so you can rest a little more easily in the future.
Every area in the country is subject to some kind of disaster - flood, hurricane, earthquake, to name a few. Even man-made disasters - oil spill, civil unrest, fire - can devastate the surrounding neighborhood and economy. Even though an area has never been damaged before, there is no guarantee that it will not happen tomorrow.
They are being considered as they come in.
Compared to other disasters we've worked with, this is unprecedented.
One lender could have been really strict and specific about the borrower providing the documentation to prove that they were affected by the Sept. 11 attacks, and another banker may not have, or may have had ulterior motives for approving loans.
Many lenders may not have discussed the STAR program specifically with the borrower.
In some cases folks will think they need an SBA loan and they really need a FEMA grant.
A relatively small investment of time and money now may prevent severe damage and disruption of life and business in the future.
It's aimed at helping businesses cover their operating expenses had the disaster not occurred.
Copyright © 2024 Electric Goat Media. All Rights Reserved.