Small Business Administration offers help following Baltimore bridge collapse

In the wake of the tragic collapse of the Francis Scott Key Bridge on March 26, 2024, SBA Administrator Isabel Casillas Guzman announced on March 30 that small businesses throughout the Mid-Atlantic region can apply for low-interest, long-term Economic Injury Disaster Loans (EIDL) US Small Business Administration (SBA).

According to the SBA, credit availability is available in response to a request to declare a state of natural disaster from Maryland Governor Wes Moore on March 29, covering the complete state together with adjoining counties within the District of Columbia, Delaware, Pennsylvania, Virginia and West Virginia.

Small businesses, agricultural cooperatives, aquaculture enterprises and personal nonprofit organizations can apply for as much as $2 million in federal EIDL funds to handle the temporary decline in revenue brought on by the collapse. These loans, with an rate of interest of 4% for small businesses, 3.25% for personal nonprofits and repayment terms of as much as 30 years, can cover operating costs corresponding to fixed debts, payroll, accounts payable and other unpaid financial obligations attributable to disruptions .

“As Baltimore and the broader community mourn and begin to rebuild, the SBA and the Biden-Harris Administration stand ready to help local small businesses survive the economic disruption caused by the bridge collapse,” Guzman said. As previously discussed BLACK ENTERPRISESThe Francis Scott Key Bridge in Baltimore collapsed last week after a container ship struck a support column, sending seven cars plunging into the Patapsco River.

Francisco Sánchez Jr., deputy administrator of the SBA’s Office of Recovery and Disaster Resilience, stated: “The bridge collapse will impact small businesses whose businesses depend on the transportation and movement of goods from the Port of Baltimore and along the Francis Scott Key Bridge . economic source of income.”

Loan eligibility depends solely on the financial impact of the disaster, not on property damage. Interest accrual and repayment begins 12 months after the primary payment.

Down further assistance to affected businessesSBA has opened a second Business Recovery Center on the CareFirst Engagement Center, 1501 South Clinton Street in Baltimore, joining the prevailing Dundalk Renaissance Center, 11 Center Place, Suite 201, in Dundalk. Both provide on-the-ground support from the federal government.

Applicants can apply online at sba.gov/disaster and access additional details about disaster assistance through this website.