The Small Business Administration (SBA) is stepping in to assist those affected by the recent bridge collapse in Maryland. Small businesses in the Mid-Atlantic region can now apply for low-interest, long-term Economic Injury Disaster Loans of up to $2 million to help them recover from the economic disruption caused by the collapse.
The SBA Administrator, Isabel Casillas Guzman, expressed her condolences for the lives lost in the tragic event and emphasized the agency’s commitment to supporting local businesses as they begin to rebuild. The declaration covers the entire state of Maryland and contiguous counties, including the District of Columbia, providing assistance to small businesses, small agricultural cooperatives, small aquaculture businesses, and private nonprofit organizations.
The collapse of the Francis Scott Key Bridge has had a significant impact on transportation infrastructure in the region. With 1.3 million trucks crossing the bridge annually, its sudden closure has forced trucks carrying hazardous materials to take 30-mile detours around Baltimore, leading to delays and increased fuel costs. These financial burdens are now being alleviated through loans offered by SBA with an interest rate of 4% for small businesses and 3.25% for private nonprofit organizations, with terms up to 30 years.
Those interested in applying for assistance can find more information on SBA’s website at sba.gov
