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.
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