Small businesses in the Mid-Atlantic region are eligible for low-interest, long-term Economic Injury Disaster Loans of up to $2 million from the Small Business Administration (SBA) following the recent bridge collapse in Maryland. SBA Administrator Isabel Casillas Guzman expressed condolences for the lives lost in the disaster and highlighted the agency’s commitment to helping local small businesses navigate the economic disruption caused by it.
The collapsed bridge was a crucial transportation route in the region, with 1.3 million trucks crossing it annually. The American Trucking Associations reported that trucks carrying hazardous materials are now required to take a 30-mile detour around Baltimore, contributing to delays and increased fuel costs.
Small businesses, small agricultural cooperatives, small aquaculture businesses, and private nonprofit organizations are eligible to apply for the loan based on their financial impact due to the disaster, regardless of physical property damage. The loan terms include an interest rate of 4% for small businesses and 3.25% for private nonprofit organizations, with repayment terms of up to 30 years. For more information and to apply, visit the SBA website at sba.gov.
