Hillsborough Reminds Small Business Owners To Protect Financial Records

BRANDON, FL – While preparing for Hurricane Irma, Hillsborough County is reminding small business owners also to prepare to take of their business once the storm passes.

The Hillsborough County Economic Development Department urged small business owners to gather vital financial records and keep them safe before the hurricane arrives. There are several sources of emergency loans that can be authorized after a hurricane passes, but owners must provide bank and financial records to apply for them.

The Florida Small Business Emergency Bridge Loan Program provides short-term, interest-free loans and can provide capital pending payment of an insurance claim. If this program is activated, applicants must have access to the following business records:

• Three years of income (profit/loss) statements
• Three years of balance sheets
• Three years of business and personal income tax returns
• Insurance policies that cover any business loss
• Information on collateral
• Personal financial statements

The Hillsborough County EDD recommends these documents, along with any other vital records, in a secure, water-resistant container or bag.

The U.S. Small Business Administration Disaster Recovery Loan is another program that can provide emergency loans. For these loans, which are not interest-free, the same materials will be needed to apply as well.

Also, the EDD said insurance claims are processed more efficiently if business owners have their policy readily available. The EDD also said to have inventory records, photos or other documentation of the insured property’s value when a loss has incurred.

For more information and other disaster recovery resources or consulting, visit the Hillsborough County EDD website.

Image via Hillsborough County, Florida Government Facebook page