This week marks a major anniversary across the country, particularly in the Northeast. It was one year ago when Hurricane Sandy touched down on New York and New Jersey, devastating the region with unfathomable levels of damage.
Today, one year later, things are still not back to normal. In fact, a number of businesses are still looking to return to the way things used to be and are finding it difficult to get there.
Mark Pinsky, president and CEO of the Opportunity Finance Network, which oversees a nationwide network of community lenders, recently spoke with Fox Business, indicating that recovery was even more difficult due to the economic situation at the time of the storm. Had this been during a time when the country was more affluent such struggles may have been avoided, but this was unfortunately not the case.
"The recession continues to create tight credit situations for small businesses," Pinsky said. He told the news source that it has been difficult to reach out to the government for grants and loans, and that many businesses are seeking alternate resources. One such example are community lenders, which according to the source are non-regulated entities able to be more flexible than banks or credit unions.
"It's critical when dealing with distressed or stressed markets," he said.
It's important to note that a devastating storm of Sandy's magnitude cannot be viewed as a short incident that comes and goes. The impact can linger for weeks, months or, in this case, over a year. Businesses without proper insurance have not been able to recover and many likely won't.
This particular situation is not exclusive to New York, either. It showcases just how imporatnt it is to have the right coverage for your organization, particularly in this economy. Weather-related incidents can happen all across the country, so while California doesn't receive the types of hurricanes that occur on the Atlantic coast, the state is not impervious to damage caused by the elements. Given the current economic climate, many small businesses are finding it challenging just to make ends meet, so throwing a storm on top of this struggle could be devastating. Businesses that work with California business insurance providers can at least alleviate these risks by obtaining the right coverage for their company.