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Small Business Recovery after Natural Disasters

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Abstract

The first post of this series found that small businesses owned by people of color are particularly vulnerable to natural disasters. In this post, we focus on the aftermath of disasters, and examine disparities in the ability of firms to reopen their businesses and access disaster relief. Our results indicate that Black-owned firms are more likely to remain closed for longer periods and face greater difficulties in obtaining the immediate relief needed to cope with a natural disaster.

Suggested Citation

  • Martin Hiti & Claire Kramer Mills & Asani Sarkar, 2022. "Small Business Recovery after Natural Disasters," Liberty Street Economics 20220906b, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:94733
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    File URL: https://libertystreeteconomics.newyorkfed.org/2022/09/small-business-recovery-after-natural-disasters/
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    More about this item

    Keywords

    climate risk; small business; minority-owners; disaster relief; credit; Sandy; inequality;
    All these keywords.

    JEL classification:

    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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