Federal Reserve banks of Dallas, New York, Richmond, San Francisco
First published April 2018
In 2017, natural disasters caused $306.2 billion of damage nationally. From raging wildfires in Northern and Southern California to mudslides along the Central Coast, let alone the persistent threat of earthquakes and drought, the West Coast is no stranger to natural disasters. Yet little is known about the impacts of natural disasters on small businesses, which are a critical engine of the American economy and are responsible for creating two out of three new private-sector jobs. A new report from the SF Fed in partnership with the Federal Reserve Banks of New York, Richmond, and Dallas fills this gap by examining data from the latest round of the Federal Reserve System’s Small Business Credit Survey and provides insight on the impact of natural disasters on small businesses and their related needs.