Joel LibavaIn the wake of the devastating collapse of the Francis Scott Key Bridge in Baltimore resulting in the disruption of port activities, the U.S. Small Business Administration (SBA) has stepped in to provide a lifeline.
Specifically, the SBA is going to provide critical economic assistance to the region’s small businesses and small business community.
The bridge collapse, which occurred on March 27th, has had a significant impact on the Port of Baltimore, a major hub for shipping on the East Coast. With the Patapsco River – the waterway spanned by the Key Bridge now blocked, cargo ship traffic in and out of the port has been halted. This leaves many small businesses/franchise businesses that rely on the port’s operations in a precarious position.
The SBA Is Stepping In To Help The Baltimore Port Disruption
To help these small businesses weather the storm, the SBA has announced that it will offer low-interest, long-term Economic Injury Disaster Loans of up to $2 million. These loans can be used to cover normal operating expenses such as payroll, fixed debts, and other bills that have become difficult to pay due to the bridge collapse.
In fact, the SBA’s disaster declaration covers the entire state of Maryland, as well as contiguous counties in Delaware, Pennsylvania, Virginia, West Virginia, and the District of Columbia. This means that small businesses and non-profits in these areas can apply for the low-interest loans. But they’ll need to demonstrate the financial impact of the bridge collapse.
Two Business Recovery Centers Now Open
To further support affected businesses, the SBA has also opened two Business Recovery Centers in the Baltimore area. These centers are where small business owners can receive 1:1 assistance with the loan application process and more.
The collapse of the Francis Scott Key Bridge has undoubtedly been a devastating blow to the Baltimore region.
But the swift action of the SBA to provide disaster loans and other support is a testament to the agency’s commitment to helping small businesses weather even the most challenging of circumstances.
Finally, as the Baltimore community works to rebuild and recover, these loans and resources will be a crucial lifeline for the businesses that are the backbone of the local economy.
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