LISC and American Express to Help Small Businesses Prepare for and Recover from Future Natural Disasters with $5 Million Grant
A new $5 million grant from American Express will help LISC and its business development organization partners equip small business owners with the knowledge and tools they need to prepare for and recover from natural disasters. The work will focus on communities in Chicago, Detroit, New Orleans and Puerto Rico.
Funding will strengthen businesses in Chicago, Detroit, New Orleans and Puerto Rico
NEW YORK (December 19, 2024)—The Local Initiatives Support Corporation (LISC) today announced that it will use a $5 million grant from American Express to equip small businesses with tools to help them prepare for and recover from natural disasters in four locales.
The devastation from recent hurricanes in southeastern U.S. cities are an example of how small businesses continue to be impacted in the wake of natural disasters. This support from American Express is part of the company's ongoing efforts to support small business recovery in partnership with non-profits like LISC that work directly with small business communities. The funding will support 25 business development organizations (BDOs) in Chicago, Detroit, New Orleans and Puerto Rico as they expand their disaster recovery expertise and, in turn, help provide a range of planning and education services to 1,200 local small businesses.
For example, participating BDOs will help owners develop disaster risk assessments; address continuity concerns, like their readiness for supply chain disruptions; consider capital improvements to enhance the flood resistance of their space; and support peer exchange programs focused on best practices.
The funding is part of LISC’s Small Business Disaster Recovery program, which operates nationwide to provide owners the knowledge and tools they need to prepare for and recover from natural disasters. The program works with BDOs in communities where climate impacts have been most severe and supports owners who otherwise may not be able to access the expertise or funding they need.
“Natural disasters are a threat to the health of thousands of communities across the country—but they are especially damaging where the effects of pollution, heat islands, flooding and other climate impacts are so prevalent,” said Michael T. Pugh, LISC president and CEO. “By working with partners like American Express, we can help protect businesses and jobs when disasters strike and strengthen the economic infrastructure of the communities where they operate as well.”
"Through our recent Hurricane Recovery support programs linked to Small Business Saturday, we know the impact that even temporary disruptions can have on small businesses and surrounding communities. The impact of natural disasters can cause longer-term disruption and even lead to closure for some businesses. Our work with LISC is critical to help small businesses in these four locations plan and prepare for disaster and enable us to better support them through recovery," said Madge Thomas, Head of Corporate Sustainability at American Express.
For more on the 25 BDOs around the country that are participating in LISC’s Small Business Disaster Recovery program, visit the LISC website.
