Donate now & help families affected by the massive Central China quake.
www.mercycorps.org/chinaearthquake
Coordinate FEMA grant and insurance claim recovery processes
www.adjustersinternational.com
Emergency Crew On Site In 30 Min We Bill Insurance Call 800-425-1677
www.AlladinRestoration.com
Flood Water Damage Restoration Help 30 Min Water Removal Resp-Ins Bill
FloodSquad.com
Guidance on Appropriate Donations What You Can Do and What Not to Do
www.cidi.org
Link to Emergency Help When You Need it Most. See How & Learn Now.
www.OnStar.com/EmergencyAssist
Up to $30,000 in Gov Assistance. Get Your Free Kit Today!
MyAssistance.FreeGrantKit.net
California's "Top Rated Emergency Response System" for Seniors
www.MedicalGuardian.com
Provides temporary Cash Assistance to Low Income families. Apply Now!
InstantGrantSearch.com/CAP
Federal disaster assistance from the Small Business Administration.
www.sba.gov
Military Reservist Economic Injury Disaster Loan program provides funds to eligible small businesses to meet its ordinary and necessary operating expenses that it could have met, but is unable to meet, because an essential employee was "called-u...
www.sba.gov
Donate now & help families affected by the massive Central China quake.
www.mercycorps.org/chinaearthquake
Coordinate FEMA grant and insurance claim recovery processes
www.adjustersinternational.com
Guide to Disaster Loans, Emergency Money and Fast Cash
Where to apply for loans, credit lines and cash advancesIn some cases, you can turn to the government for help. In others you may have to tap specialized commercial lenders. There is money available to meet your needs, although sometimes at rather steep rates. Still, landing a disaster loan, emergency money or fast cash can:
- Help you rebuild your business after a natural disaster
- Help you through a cash crunch
- Pay off overdue bills and give you time to reorganize your business
- Give you the cash to take advantage of an immediate business opportunity
- Provide cash for equipment or expansion needs
Action Steps
The best contacts and resources to help you get it done
Get a disaster loan from the SBA
The U.S. Small Business Administration (SBA) doles out disaster loans to businesses affected by natural disasters. The loans come in two types: funds to repair or replace businesses that suffer physical damage, and funds to help businesses that suffer economic losses. To qualify, businesses must be located in a declared national disaster area and show physical or economic hardship from the event. Loans up to $1.5 million (for physical damage and economic injury combined) are available.
I recommend:
Download the SBA disaster loan application and filing requirements. If a disaster has been declared in your state, a federal Disaster Recovery Center (DRC) may provide help in landing an SBA disaster loan. You can also access a page on the FEMA Web site that provides links to other disaster assistance.
Get a cash advance
For a sudden cash squeeze, consider a cash advance against your receivables. Companies that specialize in business cash advances will front you cash quickly (often in a few days) and accept your future receivables as payment. A business with a strong cash flow can qualify for a significant cash advance of $250,000 or more with little paperwork. But be careful — the cost can be significant, and you'll be pledging your future business income for the quick infusion of cash.
I recommend:
Premier Business Funding offers cash advances of up to $250,000. Business Cash Advance offers up $150,000. Business Capital Corp. makes cash advances to businesses that do at least $4,000 per month in credit card sales.
Get a quick loan
Certain lenders specialize in providing quick loans to businesses with fewer restrictions than conventional lenders. Although their rates can be high, approval comes in as little as two days, with the cash arriving shortly afterwards. The loans often are unsecured loans or use equipment as collateral.
I recommend:
America One Funding offers loans of up to $50,000 within three days. Unsecured Solutions makes fast unsecured business loans of up to $500,000. SCF Funding makes quick-turnaround loans of up to $150,000 against your equipment assets.
Use your business credit card
Your business credit card can also be a source of relatively quick cash. Credit cards like Visa and American Express also offer business lines of credit that allow you to apply through the same process as your regular credit card. Your approval process is usually quicker if you apply through an existing business credit card. Again, the interest rate can be high, so it's best to use this method if you can pay off the balance quickly.
I recommend:
Visa and American Express offer information, including application instructions, online.
Tips & Tactics
Helpful advice for making the most of this Guide- Pay close attention to financing costs: There's a reason so many companies exist to make fast, unsecured loans to businesses. They make a lot of money doing it, which means that your business is their profit center. Make sure you can afford a quick loan before you accept it.
- Don't wait to apply for an SBA disaster loan: When your business is damaged by a natural disaster, you don't have to wait until you get your insurance settlement to apply. The SBA will accept your application early in the process so you can get pre-approved and be ready to borrow, even if you aren't sure how much you'll need.
- Pay back fast: If you can afford it, pay off emergency loans quickly. You're better off using longer-term, lower-interest credit for your borrowing needs.
- Refinance: If you can't pay back an emergency loan quickly but your business improves, you may be able to refinance your emergency loan with a cheaper, conventional loan.
