After a disaster, small businesses often lack the financial reserves to fund their continued operations. This is one of the main reasons why the Institute for Business & Home Safety (IBHS) states that at least one in four small businesses will not re-open following a catastrophe. These businesses need emergency funds for working capital to meet payroll, replace damaged inventory and equipment, and to fund other operational costs. Economic Development Organizations (EDOs) and chambers of commerce often struggle with how to quickly establish such a program to deliver this type of business assistance within weeks of a disaster.
Join IEDC on August 21st, for Establishing a Small Business Emergency Loan Fund Program, a free webinar that will discuss ways to structure an emergency loan program with either public or private funding sources. This webinar draws on experiences in the Greater Los Angeles region following the Northridge earthquake and in Greater Beaumont, Texas following several hurricanes along the Gulf Coast. Presenter, Roberto Barragan will share how his organization first established a revolving loan fund (RLF) and other lending programs for business recovery from the Northridge earthquake (1994) and subsequent disasters. He will also provide insights on structuring programs to be responsive to local business needs. Co-presenter, Jim Rich will discuss how his chamber established and ran several business recovery loan funds with their SBA 504 program following Hurricane Rita (2005) and Hurricane Ike (2008).
Webinar participants will learn how to:
- Setup, structure, and fund a small business recovery loan fund after a disaster;
- Assess the financing needs of local impacted businesses that you’ll be serving, and how to capitalize the lending program to meet those local business needs;
- Engage in preparedness activities for your organization in order to administer such a fund in an emergency.
Valley Economic Development Corporation
Roberto Barragan manages the largest small business development non-profit organization and the #1 SBA 504 lender in the Los Angeles area. VEDC serves over 6,000 businesses yearly with financing, training and direct business assistance with a staff of 38 employees in 7 offices. Over the last ten years, Mr. Barragan has raised over $50 million in federal, state and local as well as private resources for small and medium sized business development. He has over 23 years experience managing non-profit organizations, including the last twenty involved in community economic development, business recovery assistance from disasters, technical assistance to for-profit and non-profit entities and financial resource development.
Greater Beaumont Chamber of Commerce
Mr. Rich has served as the president of the Greater Beaumont Chamber of Commerce for over 14 years. He has led the chamber in providing economic development services, business advocacy, and leadership development programs. The chamber established a foundation, which operates an SBA 504-certified development corporation for small business finance and coordinates regional economic development efforts. Under Mr. Rich, leadership, he led the effort to develop loan programs to respond to Hurricanes Rita and Ike.
To register click here.