Congressman Dan Goldman Pushes for Resources to Help Small Businesses Weather the Impact of Extreme Storms

The ‘PREPARE’ Act Would Create a Disaster Mitigation Loan Program, Allowing Small Business to Invest in Storm Infrastructure Improvements

Increased Frequency of Extreme Weather Events Leaves Small Businesses Particularly Exposed

Read the Bill Here

Washington, DC – Congressman Dan Goldman (NY-10) today joined Congressman Joe Morelle (NY-25) in introducing the Providing Resources forEmergency Preparedness and Resilient Enterprises (PREPARE) Act, which would create a Small Business Administration (SBA) Pre-Disaster Mitigation Loan Program to help small businesses take preventative action to bolster their resiliency infrastructure in preparation for future flooding events.

The legislation would authorize a pre-disaster mitigation loan pilot program, made available through the SBA, to provide low-interest, fixed rate loans to small businesses to implement mitigation measures to protect against disaster related damages. Loans can be up to $500,000 and will be made available to qualifying small businesses.

“As we take steps to address the dual threats of climate change and extreme weather events, small business must not be left behind,” Congressman Dan Goldman said. “Far too often, extreme storms force our small businesses to close, many times for good. To prevent communities from being devastated by the inevitable next big storm, smaller businesses must be given the resources to invest in improvements that mitigate detrimental outcomes and stay prepared. We can ensure that our small businesses stay open, and our communities bounce back faster.”

Natural disasters and extreme weather events are increasing in frequency, costing the United States $800 billion in the last decade alone. This increased frequency of significant flooding events is causing unprecedented damage to local small businesses. Federal Emergency Management Agency (FEMA) statistics show that about half (40-60%) of small businesses never reopen following a disaster, and every $1 spent on mitigation saves taxpayers an average of $6 when compared to money spent on disaster relief.

Congressman Dan Goldman has long championed policies that help small businesses thrive, especially in the midst of the climate crisis.

Last week, Congressman Dan Goldman convened a virtual roundtable discussion to provide resources for small business owners, discuss the Inflation Reduction Act’s impact on small businesses, and answer questions from business owners on how the office and agencies can support them.

Additionally, Goldman secured a $1,999,348 Community Project Funding Grant Award to advance the Financial District-Seaport Flood Mitigation Project. The project area has been historically subject to flooding from frequent storms that result in heavy inland precipitation, necessitating mitigation actions to ensure the future safety of residents, community uses, and businesses alike. These funds will allow New York City to take the first steps in designing critical flood infrastructure to protect affordable housing and small businesses in the area.

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