Building Disaster Resilience Capacity in the Virgin Islands
GrantID: 15904
Grant Funding Amount Low: $100,000
Deadline: Ongoing
Grant Amount High: $300,000
Summary
Grant Overview
Disaster Resilience Building for Small Businesses in the Virgin Islands
The Virgin Islands are uniquely positioned in the Caribbean, facing the persistent threat of hurricanes and severe weather events. Research from the National Oceanic and Atmospheric Administration confirms that the frequency and intensity of storms have increased over the past few decades, making disaster resilience a pressing concern for local economies. Small businesses, which form the backbone of the local economy, often lack the resources needed to develop adequate disaster preparedness plans, putting them at risk of significant financial impacts.
Small business owners in the Virgin Islands, particularly in sectors like tourism and retail, face uphill battles in building resilience against natural disasters. The 2017 hurricanes exemplified the vulnerabilities of these businesses, many of which were underinsured or unable to recover fully. The potential for job loss and economic stagnation in these localities underscores the necessity for funding aimed at strengthening business infrastructures to withstand adverse events.
This funding initiative is designed for small businesses that are interested in developing disaster resilience plans and upgrading their infrastructure to mitigate the impacts of future storms. Eligible applicants include businesses across various sectors that can demonstrate their intent to create actionable strategies for disaster preparedness and recovery. The application process involves submitting documentation of current business practices, along with a proposed resilience plan that outlines specific improvements and investments.
By addressing the systemic capacity gaps that small businesses face in the Virgin Islands, this program aims to enhance their resilience against disasters, which is crucial for sustaining local jobs and economic health. The ability to withstand storms not only secures businesses but ensures that vital services and employment opportunities remain accessible to the community, a significant consideration in the aftermath of natural disasters.
Through tailored support and financial assistance, the program encourages businesses to prioritize risk assessment and management, leading to more robust community infrastructures. The reliance on local entrepreneurship in the Virgin Islands makes this a targeted approach that directly responds to the unique challenges faced by businesses in this coastal territory.
Eligible Regions
Interests
Eligible Requirements
