Amid the devastating aftermath of the recent bridge collapse in Maryland, the Small Business Administration (SBA) has stepped in to offer assistance to those affected. Small businesses in the Mid-Atlantic region can now apply for low-interest, long-term Economic Injury Disaster Loans of up to $2 million. SBA Administrator Isabel Casillas Guzman expressed her sympathy for the lives lost and emphasized the agency’s readiness to assist local businesses during this challenging time.
The Francis Scott Key Bridge, a vital transportation route in the region, supported the passage of 1.3 million trucks annually. With the bridge out of commission, trucks carrying hazardous materials now face detours of up to 30 miles around Baltimore, leading to delays and increased fuel costs. The declaration issued by the SBA 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 are all eligible to apply for these loans. The loans are intended to address the financial impact of the disaster and do not require physical property damage as a basis for eligibility. Interest rates for small businesses are set at 4%, while private nonprofit organizations will have a rate of 3.25%, with terms extending up to 30 years.
For more information on how to apply for assistance, interested parties can visit sba.gov. The SBA and the Biden-Harris Administration are committed to supporting local businesses as they work to overcome the economic challenges brought on by the bridge collapse.
