Why Access to Cash is Critical to Surviving Unexpected Events

Businesses affected by Hurricanes Fiona and Ian may be entitled to support from the U.S. Small Business Administration — and all businesses can proactively prepare for natural disasters or other unforeseen events by increasing focus on cash management.
Hurricanes Fiona and Ian disrupted lives and livelihoods throughout the southeastern U.S., and the U.S. Small Business Administration (SBA) is stepping in to help businesses navigate their recovery. Providing simple, rapid access to credit to increase businesses’ cash reserves is a key part of the government’s strategy to support economic recovery following the back-to-back storms.

From the Florida Department of Economic Development:

The disaster declaration now covers Charlotte, Collier, DeSoto, Hardee, Hillsborough, Lee, Manatee, Orange, Osceola, Pinellas, Polk, Sarasota and Seminole counties in Florida, which are eligible for both Physical and Economic Injury Disaster Loans from the SBA. Small businesses and most private nonprofit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans (EIDLs): Brevard, Broward, Glades, Hendry, Highlands, Indian River, Lake, Miami-Dade, Monroe, Okeechobee, Pasco, Sumter and Volusia in Florida.

Does your business operate in an environment where a natural disaster, whether a hurricane, wildfire, earthquake or other storm, could disrupt it? How do you anticipate and plan for the possibility of an unexpected event?

Covid, too, highlighted the importance of having access to cash — and the SBA recognizes it as well, which is why it deems funding loans critical to its mission. The Federal Reserve similarly recognizes the importance of borrowing for businesses, and in a recent report, the Federal Reserve Bank of Cleveland notes the critical role of credit, stating: “The Federal Reserve has an ongoing interest in small businesses and their access to the credit they need to succeed and grow.”

Knowing when and how to access cost-effective credit isn’t the only aspect of proper cash management. Actively managing accounts payable, keeping accounts receivable up to date, forecasting cash and setting and monitoring goals with robust cash reporting are all pieces of the puzzle. While uncertainty cannot always be mitigated through cash management, it can keep your business primed to grow when conditions are good and prepared to weather tough times when they are not.

For more information on applying for assistance from the U.S. Small Business Administration, follow the links below:

🌀 #Ian:

• English: https://lnkd.in/ef9437_i

• Español: https://lnkd.in/eU9XusSi

🌀 #Fiona:

• English: https://lnkd.in/ea59uiCp

• Español: https://lnkd.in/eEUPx2eA

📝Apply for SBA disaster assistance: https://lnkd.in/e_tvFcc

For help with your application:

☎️ Call: 800-659-2955 (dial 7-1-1 to access telecommunications relay services)

📧 Email: disastercustomerservice@sba.gov

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**Deposit placement through ICS is subject to the terms, conditions, and disclosures in the applicable agreements. Although deposits are placed in increments that do not exceed the FDIC standard maximum deposit insurance amount (“SMDIA”) at any one destination bank, a depositor’s balances at the institution that places deposits may exceed the SMDIA (e.g., before settlement for deposits or after settlement for withdrawals) or be uninsured (if the placing institution is not an insured bank). The depositor must make any necessary arrangements to protect such balances consistent with applicable law and must determine whether placement through ICS satisfies any restrictions on its deposits. A list identifying IntraFi network banks appears at https://www.intrafi.com/network-banks. The depositor may exclude banks from eligibility to receive its funds. IntraFi and ICS are registered service marks, and IntraFi Cash Service is a service mark, of IntraFi Network LLC.

^††3.5% Annual Percentage Yield (APY) as of 11/19/24. Deposit rate may adjust to current market rate and may change daily. Fees may reduce earnings.

*Centime is not a bank and is not authorized by any federal or state agency to engage directly in core banking activities.
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*All banking products and services available through Centime are provided by FNBO and are governed by the applicable agreements and related disclosures provided to you by FNBO. Member FDIC.
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‍*While Centime facilitates traditional banking activities (such as the acceptance of deposits or extensions of credit), these services are actually provided by our banking partner, FNBO.
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*Centime may provide support services to FNBO, as permitted by applicable law, to facilitate the delivery of its bank products and services.

**Deposit placement through ICS is subject to the terms, conditions, and disclosures in the applicable agreements. Although deposits are placed in increments that do not exceed the FDIC standard maximum deposit insurance amount (“SMDIA”) at any one destination bank, a depositor’s balances at the institution that places deposits may exceed the SMDIA (e.g., before settlement for deposits or after settlement for withdrawals) or be uninsured (if the placing institution is not an insured bank). The depositor must make any necessary arrangements to protect such balances consistent with applicable law and must determine whether placement through ICS satisfies any restrictions on its deposits. A list identifying IntraFi network bank

Access to Cash is Critical to Surviving Unexpected Events

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