As conditions in the northeast gradually return to normal, many small-business owners are faced with the daunting task of rebuilding their businesses. In some cases, the damage to the store, warehouse or facility may be so great that repairing it isn't worth it. In other cases the insurance policy payout may be insufficient to cover the costs of rebuilding.
One solution may be participation in FEMA's Hazard Mitigation Grant Program (HMGP). Under this program, FEMA provides grant funding to the municipality where the business is located to purchase the building from the business owners. The building is then demolished and the land returned to its natural state. In order to qualify, the cost to rebuild or repair the damaged structure must be at least 50 percent of its pre-storm market value and it needs to be located on a floodplain.
Learn more at CFO.com.
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