Small Business Administration offering loans for businesses impacted by Francis Scott Key Bridge collapse
Updated: 9:44 PM EDT Mar 30, 2024
On Saturday, the Small Business Administration (SBA) Administrator Isabel Casillas Guzman announced that Mid-Atlantic small businesses that were affected by the Francis Scott Key Bridge collapse may apply for low-interest, long-term Economic Injury Disaster Loans (EIDL).“The SBA joins the entire federal family in grieving for the lives lost in the tragic collapse of the Francis Scott Key Bridge,” said Administrator Guzman. “As Baltimore and the wider community mourn and start to rebuild, the SBA and the Biden-Harris Administration stand ready to help local small businesses get through the economic disruption caused by the bridge collapse.”Video above: Drone video of Baltimore bridge collapse from NTSBAdministrator Guzman made the loans available in response to a letter from Maryland Gov. Wes Moore on Friday. Moore requested a disaster declaration by the SBA. The declaration covers the entire state of Maryland as well as, Adams, Bedford, Chester, Fayette, Franklin, Fulton, Lancaster, Somerset and York Counties in Pennsylvania.The declaration applies to small businesses, small agricultural cooperatives, small aquaculture businesses and private nonprofit businesses. Applicants in those areas can apply for EIDL of up to $2 million to help with loss of revenue from the bridge collapse.These loans can help with paying for normal business expenses such as debts, payroll and other bills that can’t be paid due to the collapse.“The bridge collapse will impact small businesses who depend on the transportation and movement of goods from the Baltimore Harbor and along the Francis Scott Key Bridge for their economic livelihood,” said Francisco Sánchez, Jr., Associate Administrator for the SBA’s Office of Disaster Recovery and Resilience. “As part of the Biden-Harris Administration’s commitment to aiding communities in times of crisis and making sure small businesses receive vital assistance, the SBA is supporting the State of Maryland and surrounding communities by providing financial relief to businesses affected by this incident.”Applicants may apply online and receive additional assistance information. Applicants may also call SBA’s Customer Service Center at 800-659-2955.
On Saturday, the Small Business Administration (SBA) Administrator Isabel Casillas Guzman announced that Mid-Atlantic small businesses that were affected by the Francis Scott Key Bridge collapse may apply for low-interest, long-term Economic Injury Disaster Loans (EIDL).
“The SBA joins the entire federal family in grieving for the lives lost in the tragic collapse of the Francis Scott Key Bridge,” said Administrator Guzman. “As Baltimore and the wider community mourn and start to rebuild, the SBA and the Biden-Harris Administration stand ready to help local small businesses get through the economic disruption caused by the bridge collapse.”
Video above: Drone video of Baltimore bridge collapse from NTSB
Administrator Guzman made the loans available in response to a letter from Maryland Gov. Wes Moore on Friday. Moore requested a disaster declaration by the SBA. The declaration covers the entire state of Maryland as well as, Adams, Bedford, Chester, Fayette, Franklin, Fulton, Lancaster, Somerset and York Counties in Pennsylvania.
The declaration applies to small businesses, small agricultural cooperatives, small aquaculture businesses and private nonprofit businesses. Applicants in those areas can apply for EIDL of up to $2 million to help with loss of revenue from the bridge collapse.
These loans can help with paying for normal business expenses such as debts, payroll and other bills that can’t be paid due to the collapse.
“The bridge collapse will impact small businesses who depend on the transportation and movement of goods from the Baltimore Harbor and along the Francis Scott Key Bridge for their economic livelihood,” said Francisco Sánchez, Jr., Associate Administrator for the SBA’s Office of Disaster Recovery and Resilience. “As part of the Biden-Harris Administration’s commitment to aiding communities in times of crisis and making sure small businesses receive vital assistance, the SBA is supporting the State of Maryland and surrounding communities by providing financial relief to businesses affected by this incident.”
Applicants may apply online and receive additional assistance information. Applicants may also call SBA’s Customer Service Center at 800-659-2955.
