SPECIAL REPORT

FLOOD DISASTER RECOVERY HELP

 

AFFECTED BY THE FLOOD? SCORE® OFFERS ASSIST.

 

This article flows in a manner which we think will help you get started on your way through all the immediate flood recovery issues, in their order of priority.

FULL ARTICLE IN PRINTABLE FORM

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NEW DEVELOPMENT &
BEST THING TO HELP FLOODED BUSINESSES

On July 11, 2008, the business community of Cedar Rapids kicked off a fund to help devastated businesses recover from our flood. If you are a business which as decided to "come back" in Cedar Rapids, this is a grant you will want to try to obtain. SCORE®, at its Westdale Disaster Recovery site, would be pleased to talk to you about the ins-and-outs of this grant.

BRF

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Exec Summary

SCORE® has strengthened our working relationship with FEMA and increased the one we already have with the Small sba logoBusiness Administration to assist area business owners in the post-flood road to recovery. As the nation's (and Iowa's) most experienced voluntary business counseling team, we can  offer exceptional business advice, wisdom and counsel to all flood-affected businesses in the Cedar Rapids area. Our people are on duty at Westdale Mall Monday through Saturday, 9AM to 6PM. (Active image above will take you to the location of all of the Iowa Flood Disaster Recovery sites.)

At the Westdale site:

  • The SBA provides the required business disaster funding opportunities and loan applications.
  • SCORE® provides the business acumen, depth and wisdom necessary to support business recovery questions and actions—and loan application completion.
  • SBA and SCORE® are complemented by our allies, the Kirkwood Community College Small Business Development Center (SBDC) staff, who are also available at the Westdale disaster recovery site.

How SCORE® can help you.


As seasoned business professionals with wide and varied experience, SCORE counselors are able to help you to:

  1. Plug into the U.S. Government's disaster business recovery loan programs administered by the SBA. [Loans of up to $2.0M at 4% are available, depending on loss.]
  2. Assess the extent of damage to your business, direct or indirect (like loss of customers.)
  3. Point you to a diverse menu of sources for rebuilding funds.
  4. Help you determine how much funding you’ll need and how funds should be applied and in what order.
  5. Complete the SBA disaster recovery loan forms quickly and properly, ensuring rapid availability of U.S. government monies, to the extent you qualify.
  6. Create a new set of opportunities for your business, as you emerge from this disaster.

We have already done these things for dozens of businesses. Let us help you.

Where to start—the key steps?

  1. Sign up with FEMA and get a FEMA disaster number. This is critical to ensuring you are in the national queue and properly tracked given the disaster. FEMA, as you know, is the national disaster oversight agency.
  2. IMPORTANT!! Come to one of the Cedar Rapids area SBA Business Disaster Recovery Centers at Westdale (largest), Vinton, or Prairie High School and get your SBA disaster recovery loan application.
  3. IMPORTANT PLUS!! Meet with a SCORE® person to discuss your situation and get help in understanding and completing the SBA loan application forms. (A good idea whether you opt to accept the offered loan or not.)
  4. YOUR CALL: Enter into a free, longer term, relationship with SCORE® counselors.

Funds availability and links (for independent study)

It should be emphasized that if you visit with the SCORE® people at our Westdale or Cedar Rapids SBA office location (hotlink to our map), all of this will be explained to you without searching it out yourself. We cut through the 'chaff' and get to the 'wheat.'

However, if you wish to do some independent reading yourself, here are some resources.

sba dassist

state help

SBA BUSINESS LOAN TYPES IN A NUTSHELL

“Business Physical Disaster” Loans

  • Up to $2.0M @ 4%.
  • For plant, real estate, equipment, inventories.

“Economic Injury Disaster” Loans

  • Up to $2.0M @ 4%.
  • For working capital, such as cash for payrolls, loss of revenue for expense coverage/bill payment, etc.
  • Not all business types are covered. (SEE Disaster Loan- FACT SHEET pdf link above.)

For the “fine print” details, talk to the SBA or SCORE® teams. It should also be noted that the SBA, in conjunction with FEMA, is the U.S. Government's administrator of flood disaster loans to homeowners and renters, a topic not addressed here.

FACT SHEET


MORE ON LOAN DETAILS ?
CLICK BUTTON FOR SBA DISASTER LOAN FACT SHEET

 

 THE CEDAR RAPIDS BUSINESS RECOVERY FUND


CLICK ON THE BUTTON BELOW FOR FUND APPLICATION:

BRF

As first announced in the Cedar Rapids Gazette on FRIDAY, June 27, 2008, a local fund has begun to assist “for-profit” enterprises in recovering from the great flood of 2008. “Chamber President Lee Clancey said the ... fund [is to] be used for either zero percent forgivable loans or grants to help businesses consolidate loans . . . The zero percent loans probably will be for a maximum of $20,000 . . . ‘This is a community team effort,’ Clancey added..”

SCORE® is pleased to be participating in a small way in the execution of this program.

We strongly recommend this as the first action by any business affected physically by the flood and wishing to re-establish itself in the area. It makes the best business sense. You must have made the decision to "come back."

COME AND SEE US at the Westdale SBA Business Recovery Center to understand why this wonderful GRANT program could help you and the things you need to do to qualify. It is not that difficult and we are there to walk you through it.

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In closing, a few examples of businesses SCORE® is assisting at Westdale:

  •  A 100+ year old business located on 16th Avenue in Czech Village that received a purple tag (cannot be recovered) and which lost all inventory. Sustained 12+ feet of water.

  • A business that lost the majority of its customers and revenue stream despite its plant & equipment being outside the flood area.

  • A woman with a rental property and a home that was part of the rental property, both of which were damaged and without electricity for an extended period.

If these examples sound like something you have to deal with or ARE dealing with, come to visit us at Westdale and let us help you deal with the complex issues involved.

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IF YOU WANT TO LEARN MORE, IT IS AS SIMPLE AS GOING TO: www.scorecr.org OR calling 319-362-6405.