In recognition of Severe Weather Awareness Weeks across the country, Regions Bank on Wednesday announced new planning resources available to help people and small-business owners prepare for natural disasters and disruptions.
“The impacts of natural disasters can be wide ranging, with major implications for people, families, companies, and communities,” said Joye Hehn, Next Step financial education manager for Regions Bank. “Preparing for natural disasters can make a significant difference in the aftermath of a storm. Regions Next Step is committed to helping people navigate the financial aspects of being prepared. Through year-round resources provided by the bank, individual consumers and business owners can learn more about practical ways to be ready. We hope they never experience a natural disaster, but we are here to help them prepare – and to recover – if they do.”
Regions is hosting a free webinar titled “How to Prepare Your Business for Disasters and Unexpected Disruptions” to help small-business owners learn more about creating a disaster plan. The webinar will cover how to safeguard finances and maintain cash flow during an emergency, provide actionable tips to help improve business resiliency, explain the types of disasters and disruptions that can impact a business, share details needed in business continuity and recovery plans, and identify steps business owners can take in advance to help a business financially weather a disaster or disruption.
“Business owners face incredible challenges every day, and at Regions Bank, our team is committed to providing financial guidance, advice, and resources to support our business clients,” said Brian Willman, head of Commercial Banking for Regions. “The resources provided by Regions Next Step are just one example of how Regions helps clients manage, grow, and protect their businesses. We know the impact a natural disaster and other disruptions can have on business operations, and this webinar is a result of our experience in helping companies navigate challenges while maintaining or restoring crucial operations.”
Business owners should create a continuity plan for finances, property, and employees in case of an emergency. Regions Next Step recommends the following:
- Keep cash reserves and credit lines. Regions Next Step recommends businesses keep at least three months’ worth of available cash in a secure manner. Establish a credit line before it’s needed so there is something to fall back on in case of a financial crunch.
- Secure financial records such as accounts payable and receivable, payroll and banking information, customer databases or information, and employee records.
- Sign up for online banking to keep track of business accounts, transfer funds, and pay bills from anywhere you have internet access.
- Know existing insurance coverage. Keep it current, and keep a copy of policies and documentation such as a list of covered assets and their valuation offsite.
- Arrange in advance with key vendors to provide support services to get back to business operations. Develop a vendor services list or database with key contact phone numbers. Store this list electronically and offsite.
- Protect equipment. Relocate it if possible ahead of a weather issue. If not, elevate it above flood level, and protect with plastic sheeting, plastic bags, and duct tape.
- Involve employees from all levels. Set up phone call trees, run drills, and share printed and electronic details about the company’s disaster plan and procedures.
In addition to information available at Ready.gov, Regions Next Step recommends the following to help individual consumers financially prepare for a natural disaster:
- Make an inventory and record a video of items owned to help with insurance claims and possible tax deductions.
- Consider special coverage, like flood or wind insurance, that may not be covered in a traditional homeowners insurance policy.
- Have enough cash on hand to cover necessities for at least three days.
- Sign up for online banking and mobile banking with Mobile Deposit to manage accounts and have access to finances from anywhere.
- Have an emergency savings account and regularly contribute to it.
Advancing financial wellness is one of Regions Bank’s top priorities. In addition to disaster planning resources, Regions Next Step offers year-round insights on financial matters for people of all ages and from all walks of life.
For example, Regions’ Weekly Webinar Series provides practical information on personal finance topics such as money management, credit, and homeownership. Attendees have access to Regions professionals who can help with customized, one-on-one follow-ups. These webinars are open to anyone, regardless of whether they have a Regions account, and there is no cost to participate. The full schedule and registration details are available at this link, and new dates and topics continue to be added.
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $163 billion in assets, is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,300 banking offices and more than 2,000 ATMs. Regions Bank is an Equal Housing Lender and Member FDIC. Additional information about Regions and its full line of products and services can be found at www.regions.com.
About Regions Next Step®
Regions Next Step is the financial education program from Regions Bank, offering a free collection of action-oriented tips, tools and resources. Next Step is designed to simplify financial topics, help people of all ages and business of varying sizes stay on track and meet financial goals. Resources are available online, in-person, virtually, and in English and Spanish. In 2021, Next Step provided financial education to more than 1.4 million people across the company’s footprint, delivered approximately 124,000 financial wellness workshops, received 2.4 million financial education content page views and associates completed 7,000 financial education volunteer hours. Additional information and resources are available at Regions.com/NextStep.