The Small Business Administration offers assistance for small biz hurt by Maryland bridge collapse

FILE - The fallen Francis Scott Key Bridge in Baltimore is pictured Sunday, March 31, 2024, where divers assisted crews with the complicated and meticulous operation of removing steel and concrete. The Small Business Administration is offering assistance to those affected by the bridge collapse in Maryland . Small businesses in the Mid-Atlantic region will be eligible for low-interest, long-term Economic Injury Disaster Loans of up to $2 million.

“The SBA joins the entire federal family in grieving for the lives lost in the tragic collapse of the Francis Scott Key Bridge,” said SBA Administrator Isabel Casillas Guzman. “As Baltimore and the wider community mourn and start to rebuild, the SBA and the Biden-Harris Administration stand ready to help local small businesses get through the economic disruption caused by the bridge collapse.”

The bridge was a key transportation route in the region. Every year, 1.3 million trucks cross the bridge — 3,600 a day, according to the American Trucking Associations. Trucks that carry hazardous materials will now have to make 30 miles of detours around Baltimore because they are prohibited from using the city’s tunnels, adding to delays and increasing fuel costs.

The declaration covers the entire state of Maryland and contiguous counties, including the District of Columbia. Small businesses, small agricultural cooperatives, small aquaculture businesses and private nonprofit organizations can apply for the loan. Eligibility is based on the financial impact of the disaster only and not on any physical property damage. These loans have an interest rate of 4% for small businesses and 3.25% for private nonprofit organizations with terms up to 30 years.

Source: News Formal (newsformal.com)

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