The PREPARE Act would reestablish and strengthen the Small Business Administration (SBA)’s Pre-Disaster Mitigation loan program. This program would provide loans of up to $500,000 to shield property, machinery, supplies, and inventory from damage caused by natural hazards. The proposed legislation would specifically instruct SBA to do extensive outreach and offer technical assistance for small businesses to maximize the program and benefits of proactive disaster preparation.

WHY WE LIKE IT

Small businesses are an essential part of any thriving community and have a significant impact on local economic development, jobs, and tourism. Unfortunately, when disasters strike, small businesses can be some of the hardest hit. H.R.2966 and S.1370 would provide an additional avenue for entrepreneurs to ensure their businesses can withstand and quickly recover from future flooding through proactive steps such as adding sump pumps, relocating or elevating critical structures, designing landscaping to improve water runoff and drainage, or other solutions.

Read H.R.2966 and S.1370 online

Photo courtesy of ottawaflood