Assistance for Maryland Small Businesses Devastated by Bridge Collapse: SBA Offers $2 Million Low-Interest Loans

The Small Business Administration is offering support to small businesses impacted by the bridge collapse in Maryland. Businesses in the Mid-Atlantic region can apply for low-interest, long-term Economic Injury Disaster Loans of up to $2 million. SBA Administrator Isabel Casillas Guzman expressed sympathy for those who lost their lives in the tragic incident and emphasized the agency’s commitment to supporting the affected community.

The Francis Scott Key Bridge collapse has disrupted a critical transportation route in the area, with over 1.3 million trucks crossing it annually. Trucks carrying hazardous materials now face detours around Baltimore, which adds to delays and fuel costs. The declaration of assistance covers the entire state of Maryland and neighboring counties, including Washington D.C.

Small businesses, agricultural cooperatives, aquaculture businesses, and nonprofit organizations are eligible to apply for these loans based on their financial losses due to the disaster. The loans have interest rates of 4% for small businesses and 3.25% for nonprofit organizations, with terms of up to 30 years. For more information about applying for assistance, visit sba.gov.