Posted: May 25, 2022 | By: LendVer Staff –
If your business is located in a region prone to hurricanes then you know that dealing with hurricane related damage can be devastating to your operations and your livelihood. What’s worse is that there are scammers waiting in the wings to seize the opportunity to take advantage of business owners in the vulnerable situation of getting their businesses operational after hurricane damage.
Avoid Scammers
A recent article authored by Colleen Tressler for the The Federal Trade Commission (FTC) has provided many helpful tips to avoid scammers that use hurricanes and other weather disasters to cheat people. The FTC article states the following and links further helpful articles…
Some of the most common weather-related frauds and scams include people who promise to help you with clean-up or repairs, but disappear with your money; those who pretend to be FEMA or other government agencies; people who promise you a job – if only you pay to get it; and those who promise you a place to rent – if only you wire them the money to get the place sight unseen.
The FTC has also provided this helpful flyer that can assist you, and those in your community that are dealing with the aftermath of a weather related disaster.
Prepare Your Finances
Procuring emergency funding can be extremely difficult and emotionally taxing after you’ve been unfortunate enough to suffer damage to your business location (whether you own or rent it), or a loss of revenue resulting from a weather related disaster. The best thing you can do to protect your business finances is to open an emergency business credit line before a disaster happens.
There are many benefits to having a business line of credit in place prior to an emergency occurring. Being able to freely access affordable and accessible capital should a disaster affect your business is highly important. Another way to prepare your finances in advance of a weather related emergency is to consolidate high-cost debt, and establish reserve working capital to address unexpected business expenses (like those that could occur after a disaster).
Conclusion
It’s reassuring to hope that your business will never be the victim of a weather disaster or a scammer, and positive thinking can certainly go a long way—but, it’s always best to be prepared. Following this helpful advice provided by the Federal Trade Commission, and establishing an emergency credit line or reserve working capital will put you on the right track should a weather related disaster affect you or your business.
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