Business Trends


11 08 2013

11 08 2013

Small Businesses Unprepared For Natural Disasters

A new survey of New York City businesses affected by Superstorm Sandy revealed that many would be financially unprepared if another disaster occurred. The superstorm, which struck on Oct. 29, 2012, left damages amounting almost $70 billion to the East Coast, CNBC reported. After a year of recovery, many small businesses indicated that another hit would be debilitating.

Of the businesses significantly impacted by the storm, 52 percent said they were not financially prepared for another disaster, according to a survey by Anchin, Block & Anchin, which included 266 small business owners and managers in metropolitan New York City, New Jersey and Connecticut. Furthermore, 30 percent said they would need to make staffing cuts if another major storm were to occur, Insurance Journal reported.

Aside from damages, the storm impacted businesses by hiking various expenses, including commercial rent and insurance premiums. Furthermore, the storm left the area partially immobilized for many days, causing businesses to lose sales and lower productivity.

Despite the heightened bills and loss of revenue, 19.1 percent of affected businesses managed to invest in technology or infrastructure that could protect them in the event of another storm. However, Greg Wank, partner of Anchin, Block & Anchin, holds that the remaining businesses could be putting themselves at risk, Insurance Journal reported.

“Business owners have invested in fixing their infrastructure and in some cases provided for off-site back-up so they can keep working in the event of another disruption,” he said. “However, it’s clear that not enough owners have built enough in cash reserves for disaster/backup funding or have arranged for contingency financing.”

Noting that only 3 percent of business owners said they obtained financing since the storm, Wank explained that another natural disaster could lead to a scramble for capital. In such a scenario, only those who’ve already secured a lending source will survive.

Financing solution

Among the 97 percent of businesses who did not obtain funding, some might have been discouraged by tighter lending policies from banks, hefty paperwork, or lengthy delays in processing. Many need to stay focused on their business to keep up and running, yet the threat of another natural disaster looms from coast to coast. Fortunately, a small business lender can provide financing without the hassle. Loan services from National Funding feature a simple application process and fast approvals, sensitive to the needs of small businesses.

Find Out How Much Funding You Qualify For

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General Acceptance

Any applications submitted electronically shall have the same force and effect as if the application bore an inked original signature(s). The above information, together with any accompanying financial statements, schedules, or other materials, is submitted for the purpose of obtaining credit and is warranted to be true, correct, and complete.


US Patriot Act:

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person and business that seeks a business loan. What this means for you: When you apply for a loan, we will ask for your business name, address, and Tax Identification Number. We will also ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.


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The Merchant and Owner(s)/Officer(s) identified in the application (individually, an “Applicant”) each represents, acknowledges and agrees that (1) all information and documents provided to National Funding, Inc. (“NF”) including credit card processor statements are true, accurate and complete, (2) Applicant will immediately notify NF of any change in such information or financial condition, (3) Applicant authorizes NF to disclose all information and documents that NF may obtain including credit reports to other persons or entities (collectively, “Assignees”) that may be involved with or acquire commercial loans having daily repayment features and/or Merchant Cash Advance transactions, including without limitation the application therefor (collectively, “Transactions”) and each Assignee is authorized to use such information and documents, and share such information and documents with other Assignees, in connection with potential Transactions, (4) each Assignee will rely upon the accuracy and completeness of such information and documents, (5) NF, Assignees, and each of their representatives, successors, assigns and designees (collectively, “Recipients”) are authorized to request and receive any investigative reports, credit reports, statements from creditors or financial institutions, verification of information, or any other information that a Recipient deems necessary, (6) Applicant waives and releases any claims against Recipients and any information-providers arising from any act or omission relating to the requesting, receiving or release of information, and (7) each Owner/Officer represents that he or she is authorized to sign this form on behalf of Merchant.(8) I consent to receive direct mail, faxes, text-messages, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (9) this request is for business and not for consumer purposes.


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I hereby certify: (1) the information provided is true and correct, (2) you are hereby authorized to investigate all bank, credit, and trade references, and said references are hereby authorized to release any requested information to you or your nominee, (3) such authorization shall extend to obtaining personal credit profile in considering this application and subsequently for the purposes of update, renewal or extension of such credit or additional credit and for reviewing or collecting the resulting account, (4) this information may be transmitted by us to you and by you to underwriter(s) for the purpose of granting me credit, either electronically or manually, and that by submitting this application, I take full responsibility for transmission thereof, (5) I am over 18 years of age, (6) I acknowledge my rights under the Fair Credit Reporting Act, (7) I consent to receive direct mail, faxes, text-messages, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (8) this request is for business and not for consumer purposes.


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The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status or age (provided the applicant has the capacity to enter into the binding contract); because all or part of the applicant’s income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. If for any reason your application for business credit is denied, you have the right to a written statement of the specific reasons for the denial. To obtain the statement, please write to National Funding Inc., 9820 Towne Centre Drive, San Diego, California 92121. Funding amount and credit approval is subject to a full credit profile review.