In response to the devastation caused by Hurricanes Helene and Milton, American Express (NYSE:AXP), in collaboration with the U.S. Chamber of Commerce Foundation, has launched a new initiative to support small businesses struggling to recover. This initiative aims to provide crucial financial assistance to businesses grappling with the aftermath of these severe weather events. The support comes as part of the broader efforts to restore economic stability in the affected regions, reflecting a commitment to helping communities rebuild.
Following past initiatives, American Express continues to play an active role in supporting disaster-hit areas. Previously, the company had offered similar programs to assist businesses impacted by hurricanes in other regions, demonstrating consistency in their approach. With the newly launched Small Business Hurricane Recovery Grant Program, there’s an extension and enhancement of their ongoing efforts, reaffirming a longstanding commitment to community assistance in times of need.
How Will the Grant Program Function?
The Small Business Hurricane Recovery Grant Program, announced recently, will distribute $5 million in grants to businesses hampered by Hurricanes Helene and Milton. This financial relief will be accessible to approximately 1,000 small businesses in states such as Florida, Georgia, North Carolina, South Carolina, and Tennessee, provided they meet specific eligibility criteria. Each qualifying business will receive $5,000, aimed at covering essential recovery-related expenses like rent, utilities, payroll, and infrastructure.
What Are the Additional Funding Plans?
Further funding opportunities are also in the pipeline. American Express plans to extend its support by contributing an additional amount for hurricane relief. A unique initiative tied to Small Business Saturday includes a $1 donation for every purchase made on an American Express Card at participating small businesses, enhancing the pool of resources available for recovery efforts. This initiative underscores the company’s continuous commitment to the recovery and rejuvenation of small business ecosystems.
Both hurricanes inflicted heavy losses, with Helene alone accounting for insured damages estimated between $8 billion and $14 billion. As communities endeavor to recover, efforts like these are integral to facilitating not only immediate restoration but also long-term resilience. Critical remarks from American Express Corporate Affairs Officer Jennifer Skyler emphasize this dedication, as she underscores the company’s focus on helping businesses thrive post-disaster.
U.S. Chamber of Commerce Foundation President Michael Carney highlighted the broader impact of local businesses, noting their role in community restoration. This perspective sheds light on the intertwined fate of these communities and their businesses, driving home the necessity of such recovery initiatives. With the application window set to close on November 17, eligible businesses are encouraged to apply promptly.
The intersection of corporate responsibility and community recovery is at the forefront of these efforts. By pooling resources and leveraging corporate capabilities, American Express and the U.S. Chamber of Commerce Foundation are facilitating a crucial pathway toward recovery. As the affected areas gradually rebuild, these initiatives serve as pivotal support systems, helping to mitigate economic disruptions and fostering resilience against future challenges.
