April 17 2013
Disaster Financial Recovery Arm of Operation HOPE Receives Nearly $1 Million in Funding from U.S. Economic Development Association
HOPE Coalition America receives grant to provide economic recovery guidance to small businesses in New York
New York – April 18, 2013 – Financial dignity leader Operation HOPE today announced an award of $960,056 in U.S. Economic Development Administration (EDA) disaster relief opportunity funds to provide disaster financial recovery guidance and business planning assistance to small businesses in the Bronx, Kings, Queens, Richmond, and New York Counties that suffered damage from disasters. The services will be offered through the nonprofit’s disaster financial and recovery division, HOPE Coalition America (HCA).
“The U.S. Economic Development Administration is committed to helping regions affected by a disaster rebuild and recover,” said Fred D. Smith, HOPE Coalition America president. "This EDA investment will allow us to provide critical capacity building assistance to disaster impacted communities in the New York region."
Through a coalition of public and private sector support, HCA continues to mount on-the–ground support to provide financial recovery information, guidance and technical assistance services to small businesses devastated by storm damage. The effort will help small businesses with recovery financial and marketing plans; liability management; establishing appropriate banking relationships and obtaining working capital and equipment loans.
In addition to helping business owners recover and seek opportunities for expansion, HCA will also assist with pre-disaster planning to make businesses more resilient to future disasters. As a result of the disaster last year, unprepared area businesses were handicapped in their recovery, forcing many to lay-off or furlough employees. This funding will help address the long-term need for disaster mitigation services for small businesses by enhancing opportunities through disaster preparedness and planning when critical financial services are needed.
Since its formation in 2001, the result of a partnership with the Department of Homeland Security and FEMA, HCA has helped more than 300,000 individuals and small business recovering from 33 disasters, including Hurricane Katrina, the 2004 Florida Hurricanes, tornados and flooding in southern and mid-western states and Hurricane Sandy.
About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation's regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.
About Operation HOPE, Inc.
With a presence in 273 U.S. cities and South Africa, HOPE has raised more than $1 Billion in its pursuit of educating, assisting and inspiring the next generation of global stakeholders. With the support of more than 400 private sector companies, 5000 nonprofit organizations and schools and 100 government partners, Operation HOPE has provided over 2 million low-wealth individuals with economic education and financial literacy support and empowerment. Taking the lead at making sure our free enterprise system is relevant to all underserved individuals and communities, Operation HOPE has taken on the responsibility of piloting the Silver Rights Movement and ensuring that free enterprise and capitalism work to provide a better future for all. To learn more about HOPE, visit www.operationhope.org.