Henry L. Coaxum Jr. owners of Coaxum Enterprises, Inc. lost three of his New Orleans area McDonald’s restaurants, an office complex and his own home to Hurricane Katrina in August 2005. The care, concern and innovation that Coaxum displayed in getting his employees back to work in the aftermath of the worst natural disaster in U.S. history, and his tireless devotion to the rebuilding of New Orleans’ business sector has earned him the 2008 Phoenix Award for Small Business Disaster Recovery.
The award will be presented during the U.S. Small Business Adminstration’s (SBA) National Small Business Week 2008, to be held in Washington, D.C. and New York City April 21-25.
“The Phoenix Award is an acknowledgement of an individual’s heroic effort and a recognition of contributions to the physical and economic recovery of their communities, “said SBA Administrator Steve Preston. “Mr. Coaxum displayed tremendous courage and resourcefulness in the aftermath of Hurricane Katrina, and he exemplifies the spirit one must have to rebuild after a tragedy like this.”
Although three of Coaxum’s original restaurants were damaged and closed due to Hurricane Katrina, he recently bought and opened a restaurant on St. Charles Avenue in February 2006 – just in time for the 150th Mardi Gras celebration. This was the first McDonald’s restaurant to reopen in New Orleans east bank of the Mississippi River.
This marks the 10th year the SBA has given Phoenix Awards to business owners, public officials and volunteers who displayed courage, ingenuity and tenacity in the aftermath of a disaster, while contributing to the rebuilding of their communities.
The SBA makes low-interest, taxpayer-backed disaster loans to homeowners, renters, and businesses of all sizes. Following the 2005 Gulf Coast hurricanes, the SBA has approved more than $10.9 billion in disaster loans to more than 160,000 hurricane survivors, the largest response in the agency 55-year history.