The U.S. Small Business Administration announced that it had approved the first disaster loan for economic impact in Joplin Mo. The recipient I3 Technology Group Inc., though did not suffer damage from natural disaster, the firm’s customers were severely impacted or damaged.
It is in-fact, a good first step to secure emergency financing for more than 400 businesses that are affected in Joplin. The SBA that is known to disburse emergency, residential and business loans has by now approved $2.9 million in disaster loans in Jasper County. In case of I3 Technology Group, the loan will keep operations running; the reason being that the firm can continue to offer tech services as the community gets back on its feet.
But returning to back to business-as-usual is not always easy and that gets revealed when chapters of history are opened. In May 2007, Greensburg, Kan. suffered from a category EF-5 tornado. Homes and businesses on Main streets got leveled. Joplin’s tornado also an EF-5 spanned 22 miles and destructed business establishments. The reconstruction work is still on.
Starla McClain, who got profiled in the disaster-preparedness story, says that there are similarities between the two catastrophes that had hit Joplin and says that effort is required to repair damages.
McClain’s store, ‘Starla’s Stitch ‘N Frame’, has suffered huge damage because of tornados. It took five months for McClain to restore the damages though the complete recovery is yet to be done.
What Joplin business owners can do is look for disaster loans that are being offered by SBA for tornado ravaged places. The other good thing could be building of a tighter and more supportive business community.
This article was submitted by Rohit Arora, co-founder of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to