“Accion is teaming up with Groupon to help small business owners affected by Hurricane Sandy. A $5, $10, or $25 donation to this Groupon Grassroots campaign will help Accion East and Online fund microloans to assist small businesses as they recover from Hurricane Sandy. Visit http://www.groupon.com/deals/accion-east-and-online to donate. Accion will serve as an economic first responder, using its deep relationships within the communities to help pinpoint where financial aid could have the most impact. Each microloan will aim to meet the immediate needs of local business owners, funding reconstruction and equipment purchases, as well as inventory replacement and additional working capital.
On Tuesday, October 30, the East Coast awoke to the effects of Hurricane Sandy. Winds of up to 80 miles per hour, a storm surge of nearly 14 feet, and enough rain to close the New York Stock Exchange, the first time weather has closed it since 1888, left millions of workers stuck at home and hundreds of stores closed and flooded, the New York Daily News reported. Wind damage and loss of power have impacted homeowners, and this, coupled with a severely damaged transit system, has affected businesses as well.
Small and privately owned businesses are especially vulnerable, and the initial results of such a weather system, combined with the lingering impact of a recovering population, could prove an insurmountable challenge for many. According to an article from the New York Times, economic losses from the storm could range from $10 billion to $20 billion.”
[information and post provided by: Valley Economic Development Center (VEDC)]