- Tuesday, 24 November 2009The Federation of Small Businesses (FSB) has opened a Disaster Recovery Fund to help business owners most affected by recent flooding.
Hundreds of thousands of pounds will be made available to the organisation's members who are most in need.
Many small business owners' firms are financially interwoven with their homes. As such, a failed business can often have repercussions on personal mortgage repayments.
The FSB aid could make the difference between the failure and survival of a small company and perhaps prevent the owner from having to enter into bankruptcy-avoiding schemes such as
individual voluntary agreements (IVAs).
John Wright, national chairman of the federation, said: "The FSB recognises that to ensure that the long-term damage to the areas affected is mitigated as best it can, all bodies, public and private, need to work together closely and effectively.
"That is why the FSB is stepping in and providing this additional service."
The fund, which amounts to a total of £500,000, is available to FSB members in Scotland, Lancashire and Cumbria and the North East of England. Companies which have suffered from the heavy rains can apply for an interest-free loan of £5,000.
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