CFO Consulting Services, A CFO Services Company, Assesses Small Business Turmoil A Year After Hurricane Sandy

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In response to an article published by Businessweek, CFO Consulting Services, a part time CFO services company, issues a statement discussing how many small business owners are still feeling the effects of Hurricane Sandy one year later.

Lawrence Teicher, founder of CFO Consulting Services, a part time CFO services company, responds to an article published by Businessweek on October 28th, which details how many small business owners were affected by Hurricane Sandy have yet to receive emergency loans and government grants.

According to the [Businessweek article titled “Hurricane Sandy Relief Earns Mixed Reports From Business Owners,” it’s been over a year since Hurricane Sandy paved her destructive path along the East Coast, leaving many business owners in New York and New Jersey in financial chaos. The article says that New Jersey is “still processing hundreds of grant applications related to Sandy, while New York is ‘expediting’ grants for businesses recovering from disasters as far back as Tropical Storm Lee in 2011.”

While the Small Business Administration has approved over $2.4 billion in loans for Sandy victims, it has yet to disperse most of those funds. In fact, the article says the SBA has only divvied up 24 percent of those funds. However, many business owners fail to provide the SBA with additional requested information to receive the loans.

Lawrence Teicher, founder of CFO Consulting Services and prominent Long Island accountant, says it is the business owner’s responsibility to follow up with government grants and SBA loans. However, he still says more should have been done to get these businesses back on their feet. “Many small businesses were denied loans and some business owners have yet to get anything back at all,” he says. “This leaves business owners in a tight spot. Many businesses are still closed and unable to reopen due to a lack of funding.”

Teicher advises businesses that have had a problem obtaining Sandy relief funds to contact a financial advisor or CPA to discuss alternative options. “Financial advisors and CPAs are able to help your business look for loans in other places,” he says. “Businesses that have reopened, but are plagued by debt can also benefit by talking to a CPA or part time CFO. We can help you get your funds in order and your business back on track.”

CFO Consulting Services, LLC provides outsourced, part-time CFO services on an as-needed basis to both small and mid-sized businesses located in the NY metropolitan region. Founded by Long Island CPA and financial expert Lawrence Teicher, CFO Consulting Services follows four main principles: independence, objectivity, competence and confidentiality. These core values have led its clients to achieve lasting success in their businesses.

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Lawrence Teicher

Scott Darrohn
CFO consulting services
since: 08/2013
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