The Small Business Administration (SBA) recently closed its two business recovery locations that were established in response to the Key Bridge collapse in Baltimore. However, businesses and nonprofits that were affected by the bridge collapse can still apply for assistance. In the aftermath of the bridge collapse and the closure of the Port of Baltimore, SBA officials were on the ground in Maryland providing low-interest loans to those impacted.
Small Business Administrator Isabel Guzman stated that these loans come with no interest accruing during the first 12 months, providing businesses with much-needed cash flow to use. The physical recovery centers were open for nine weeks before closing, with over $21 million in loans approved so far. More than 4,700 applications have been filed by businesses and nonprofits seeking assistance.
The economic impact of the bridge collapse extends beyond the Port of Baltimore, affecting industries such as transportation, international shipping, and tourism. Business owners who have been impacted by the disaster can still apply for a loan and assess how their peak season may have been affected. The deadline to apply for assistance is until the end of the year, with applications being accepted online until December 30.
For more information on how to apply for these loans following the closure of the recovery centers, businesses and nonprofits can visit the SBA website. Despite closing their physical locations, SBA officials are still committed to helping small business owners recover from this disaster.
