New fund to assist flood-affected SMEs
Commercial insurance
23rd November 2009
Small and medium-sized enterprises (SMEs) in the UK that have been affected by the recent flooding that has hit areas of Cumbria, Scotland, north-east England and Lancashire are being offered assistance.
A new £500,000 scheme has been established by the Federation of Small Businesses (FSB) that will provide firms with up to £5,000 in interest-free loans each to ensure that they can keep their operations going and help with emergency repairs to premises.
The Disaster Recovery Fund is a response to heavy rain over the past few weeks and FSB national chairman John Wright remarked that "the last 18 months have been difficult" for companies across the UK.
He added: "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."
SMEs are advised about the importance of having an effective UK insurance policy to guard against problems caused by unpredictable weather and esure recently highlighted the additional risk that flooding can pose to vehicles, with more than £35 million paid out by insurers in 2007 in relation to cars as a result of heavy rains.
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