The aftermath of Hurricane Helene has left many small businesses struggling to recover. With widespread damage and economic disruption across affected regions, many business owners turned to the Small Business Administration (SBA) for disaster loans. However, as of last Tuesday, the SBA announced that its disaster loan program has run out of funding due to high demand from back-to-back hurricanes, including Helene and Milton.
This unfortunate pause has left countless small businesses, homeowners, and renters in limbo, awaiting Congress to approve additional funding. But for businesses facing immediate needs, waiting isn’t an option. Here’s where alternative lenders like Berkman Financial can step in to provide the vital support that traditional funding sources currently cannot.
The SBA Funding Shortfall
The SBA disaster loan program, which offers low-interest loans to businesses, homeowners, and renters for both physical damage and economic injury, was quickly exhausted after helping thousands of disaster survivors. SBA Administrator Isabel Casillas Guzman acknowledged that while the agency continues to process applications, no new loan offers can be made until Congress allocates more money.
For business owners still recovering from Hurricane Helene, this means critical disaster relief funds are temporarily out of reach. The delay in funds could potentially halt operations, delay repairs, and jeopardize the long-term viability of these businesses.
Why Small Businesses Can't Afford to Wait
While the SBA works on securing additional funding, small businesses impacted by Hurricane Helene need immediate financial relief to cover ongoing expenses, repair damages, and get back on their feet. For many, waiting weeks or even months for Congress to act can be the difference between survival and closure.
According to the SBA, more than 37,000 applications have already been submitted for relief from Helene alone, with many businesses facing significant delays in accessing funds. These businesses are still dealing with physical damage, loss of inventory, and reduced customer traffic, creating urgent needs for liquidity.
How Berkman Financial Fills the Gap
When traditional funding sources, like the SBA, are unavailable, loan solutions from Berkman Financial provide an immediate and flexible option. Unlike traditional loans, Berkman’s loan solutions offer funding based on your business’s performance and revenue, without requiring collateral. This makes them ideal for businesses needing quick cash to cover repairs, restock inventory, or stabilize cash flow after a disaster.
Here’s how Berkman Financial’s MCAs work:
No Collateral Required: Unlike SBA loans or traditional bank loans, MCAs don’t require businesses to put up assets as collateral.
Approval Based on Revenue: MCAs are based on a company’s current sales and revenue numbers, making it easier to qualify.
Fast Access to Funds: Businesses can receive funds quickly, often within days, allowing them to tackle urgent post-disaster needs like repairs and operational costs.
Why Choose Berkman Financial?
In times of disaster recovery, speed and flexibility are critical for small businesses. While SBA loans offer long-term relief, the time it takes to receive funding can put your business at risk. Here’s why Berkman Financial’s Merchant Cash Advances are a smart alternative:
Rapid Approval: MCAs are typically approved and disbursed much faster than traditional loans, ensuring businesses have the funds they need when they need them most.
No Fixed Payments: Repayment is based on a percentage of daily credit card sales or revenues, which means payments adjust with your cash flow—a huge advantage when business is still recovering.
Flexible Use: Whether you need to repair damaged property, purchase new inventory, or cover immediate operating expenses, the use of funds is flexible and tailored to your business’s unique needs.
Filling the Gap Left by the SBA
As more than 37,000 applications for SBA relief pour in from businesses affected by Hurricane Helene, many are left waiting for Congress to act. But with Berkman Financial, small businesses don’t have to wait. We provide fast funding to help businesses recover, rebuild, and regain stability after a disaster.
Whether you need to replace damaged equipment, restock inventory, or simply keep your doors open, Berkman Financial’s Merchant Cash Advances provide immediate working capital—without the red tape and delays of traditional loans.
Don’t Wait for SBA: Get the Funding You Need Now
If your business has been impacted by Hurricane Helene and you're facing delays with SBA disaster loans, Berkman Financial is here to help. Contact us today to learn more about our Merchant Cash Advances and other flexible funding options. Get the capital you need to recover—without waiting for government relief.
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