How bankers can help mitigate the impact of natural disasters for small businesses
Bankers understand the importance of customer relationships, and the real measure of those relationships is determined not when everything is going well, but rather when it is not. With natural disasters of all kinds on the rise, it makes sense for bankers to plan ahead on how to best help their small and midsize business clients.
Natural disasters are increasing in number and intensity. Over the past five years, extreme weather events causing in excess of $1 billion in damage hit the United States an average of 18 times a year. Last year alone, the damage totaled $175.2 billion.
Businesses make up a sizable portion of those affected. The Federal Reserve found that 1 in 10 small and midsize businesses nationally suffered losses from natural disasters in 2021.
It’s in the best interests of bankers to be proactive about reaching out to their business customers before and after these events occur to let them know about the resources that are available to them.
continue reading »
