After the devastating collapse of the Francis Scott Key Bridge in Maryland, the Small Business Administration (SBA) is extending a helping hand to small businesses in the Mid-Atlantic region. The SBA is providing low-interest, long-term Economic Injury Disaster Loans of up to $2 million to aid businesses in their recovery from the economic disruption caused by the bridge collapse.
SBA Administrator Isabel Casillas Guzman expressed her condolences for the lives lost in the collapse and emphasized the agency’s commitment to supporting local small businesses as they rebuild. The bridge, which serves as a critical transportation route in the region, saw 1.3 million trucks passing through it annually, with 3,600 trucks crossing it daily. However, following its collapse, trucks carrying hazardous materials are now required to take a 30-mile detour around Baltimore due to restrictions on using the city’s tunnels. This has led to delays and increased fuel costs for these businesses.
The SBA declaration covers not only Maryland but also contiguous counties, including Washington D.C. Small businesses, small agricultural cooperatives, small aquaculture businesses, and private nonprofit organizations are eligible to apply for the loans. Eligibility is determined based on financial impact rather than physical property damage caused by the disaster. The loans have an interest rate of 4% for small businesses and 3.25% for private nonprofit organizations and repayment terms of up to 30 years.
To learn more about how to apply for assistance from SBA loans or other disaster relief programs available in your area visit sba
