TEDA offers assistance to small businesses

Nearly five months after the BP Deepwater Horizon exploded, leaving many without viable income, the Gulf Coast Claims Facility has received more than 22,500 claims – 4,244 of which have been paid.

In an effort to help more businesses get their payments, Terrebonne Economic Development Authority (TEDA) is offering assistance with small business claims.

“With the oil spill claims in the state of transition, it’s important for companies to gain an understanding of the value of their business-interruption claim,” a TEDA press release stated. “TEDA can, at no cost, assist companies in determining that value and putting them in position to more effectively navigate the claims process.”

TEDA has new resources and tools available courtesy of the state to assist local companies in determining their economic loss and compiling documentation, according to the release.

Katherine Gilbert, business retention and expansion director for TEDA, said the state of Louisiana brought in Adjusters International, a group of disaster recovery consultants to be a resource for businesses.

“We can sit down with companies to help them prepare their claims,” she said. “The idea is to help prepare the businesses as much as possible to understand the value of their claim so that when they get to that settlement offer they have the basis for an educated decision on whether it’s a fair offer, and if they feel it’s not in their best interest, they have background information pulled together that could help when entering negotiation.”

Gilbert stressed TEDA is not trying to represent these businesses in the claims process, but rather trying to ease their way through the process.

“The first step is to assess where they are, what communication they’ve received, and what the next steps would be,” she said. “We have no intention of telling them what they need to do as far as their decision. It is their business and we fully respect their position and how they want to move forward. We believe any business is stronger if it can be in the best position possible going into any negotiation.”

TEDA will offer assistance in gathering appropriate documentation and demonstrating qualifications for financial assistance; establishing net worth, business interruption loss and physical damage; preparing claims and loan applications; and addressing other associated issues, according to the press release.

Outreach and educational workshops are also being planned.

Gilbert said she has been to claims facilities since the Kenneth Feinberg takeover in order to forge a path to be able to work in conjunction with the claims offices.

“We are putting the pieces in motion for good working relationship,” she said. “It’s wonderful that so many people are looking out for each other, there’s a real need for information and we’re just trying to help fill that need.”

The assistance program is new to TEDA, and according to Gilbert, TEDA is in the process of contacting businesses in need of help. Businesses are encouraged to contact Daphnie Domino with TEDA at 873-6890 to discuss the free assistance.

TEDA members Katherine Gilbert and Daphnie Domino go over their client log on Domino’s computer at TEDA’s office located at 319 Roussell St. Thus far, only a few companies have reached out to TEDA for the free assistance now offered. JENNA FARMER – TRI-PARISH TIMES