The Small Business Administration is providing assistance to small businesses affected by the bridge collapse in Maryland. Eligible businesses in the Mid-Atlantic region can apply for low-interest, long-term Economic Injury Disaster Loans of up to $2 million. SBA Administrator Isabel Casillas Guzman expressed condolences for the lives lost in the collapse and emphasized the agency’s commitment to supporting the affected businesses. The bridge collapse has disrupted transportation in the region, with trucks now having to make detours around Baltimore, leading to delays and increased fuel costs.
The declaration for assistance covers the entire state of Maryland and contiguous counties, including the District of Columbia. Small businesses, agricultural cooperatives, aquaculture businesses, and nonprofit organizations are eligible to apply for the loan. The loans are based on the financial impact of the disaster rather than physical property damage. Small businesses can receive a 4% interest rate, while nonprofit organizations can receive a 3.25% interest rate, with repayment terms of up to 30 years. More information on applying for these loans can be found on the SBA website.
The bridge collapse has had a significant impact on the transportation infrastructure in the Mid-Atlantic region, as the Francis Scott Key Bridge was a key route for 1.3 million trucks annually. With trucks now being diverted around Baltimore due to restrictions on hazardous materials in the city’s tunnels, businesses are facing increased delays and higher fuel costs. The SBA’s assistance aims to help small businesses recover from the economic disruptions caused by the collapse and rebuild their operations.
The Biden-Harris Administration has expressed support for the small businesses affected by the bridge collapse and is working with the SBA to facilitate access to financial assistance. The SBA’s loan program is part of the federal government’s efforts to provide relief to businesses in the wake of the disaster. As Baltimore and the wider community mourn the loss of lives in the collapse, the focus is on helping businesses navigate the economic challenges and uncertainties brought about by the disruption of the transportation infrastructure.
Small businesses play a crucial role in the economic vitality of the Mid-Atlantic region, and the SBA’s assistance is intended to help them weather the financial impact of the bridge collapse. By offering low-interest, long-term loans, the SBA aims to provide businesses with the financial support they need to recover and sustain their operations. As businesses assess the damage and disruptions caused by the collapse, the availability of SBA loans can provide a lifeline to help them rebuild and move forward. The SBA’s commitment to supporting small businesses in times of crisis underscores the agency’s role in promoting economic resilience and recovery in affected communities.
