Stories

Small-to-medium sized businesses (SMBs) face several challenges when it comes to financial resilience, and the increasing severity of weather events is a growing and ever-present threat to their bottom line. After a natural disaster, 40% of small businesses never reopen, and another 25% close within a year¹.

To better understand the financial challenges SMBs face after extreme weather events, PayPal worked with the Aspen Institute Financial Security Program to interview small business owners and workers nationwide to learn how public and private entities can better support SMBs when disaster strikes.

The resulting report, Surviving the Storms: How Severe Weather Hazards Challenge the Financial Security of Small Businesses, provides actionable insights and strategies designed to support businesses in navigating and recovering from the impacts of severe weather events.

"Small and medium-sized businesses are the backbone of our economy, yet they are highly vulnerable to the devastating impacts of severe weather,” said Jaxon Love, Director, Social Impact and Sustainability, PayPal. “This work with the Aspen Institute Financial Security Program helps financial service providers like PayPal better equip these small businesses with the financial tools and resources they need to not only weather the storm but also recover and thrive. We are committed to building a more resilient business community that can face the challenges of tomorrow with confidence. This research provides the actionable insights to help make that possible.”

To learn more about how public and private organizations can better support SMBs to be financially prepared for extreme weather events, download the full report here. To explore how PayPal can support small businesses through a variety of products and services, visit www.paypal.com/us/business. 
 

_{¹The Federal Alliance for Safe Homes, Hurricane Toolkit}