Monies to help provide financial disaster recovery assistance for small businesses in Alabama Counties
ATLANTA, GA — April 4, 2013 – Financial dignity leader Operation HOPE (HOPE) today announced that it has received a $400,000 grant from the U.S. Department of Commerce's Economic Development Administration (EDA) to establish a Birmingham Small Business Disaster Recovery Office, which will provide critical technical assistance to area businesses that were impacted by disasters and economic conditions. The funding will help HOPE Coalition America, (HCA) the nonprofit’s financial and economic disaster recovery division hire and train local employees who will provide valuable information, guidance, and services to small businesses.
“We appreciate EDA and it recognizing of the value of financial guidance post disaster,” said Fred Smith, president of HCA, “Through our partnership with the EDA, HOPE will be able to provide critical capacity building assistance to disaster impacted communities, as we deliver services to area small businesses.”
According to estimates made by the University of Alabama, Tornados and storms reduced Alabama's GDP by as much as $1.3 billion and resulted in the loss of between 5,600 and 13,200 jobs statewide. Over a two-year period, the Alabama Small Business Disaster Recovery Program is expected to assist to more than 1,000 business owners in the six-county area surrounding Birmingham. Services offered will include identifying new opportunities and completing business plans, establishing accounting systems and appropriate banking relationships, completing and submitting applications for working capital and equipment loan and planning for future disasters and economic declines.
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