Small businesses and private nonprofit organizations affected by the collapse are welcome to apply for SBA’s federal EIDLs.
According to the SBA, the loan availability comes in response to a disaster declaration request from Maryland Gov. Wes Moore on March 29, encompassing the entire state along with contiguous counties in the District of Columbia, Delaware, Pennsylvania, Virginia, and West Virginia.
“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,” Guzman said. As previously covered by BLACK ENTERPRISE, The Francis Scott Key Bridge in Baltimore collapsed last week after a container ship crashed into a support column, reportedly causing seven cars to plummet into the Patapsco River.
Francisco Sánchez, Jr., associate administrator for the SBA’s Office of Disaster Recovery and Resilience, stated: “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.”
Loan eligibility hinges solely on the disaster’s financial impact, not property damage. Interest accrual and repayment begin 12 months after the first disbursement.
Applicants can apply online at sba.gov/disaster and access additional disaster assistance information through the website.
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Source: Black Enterprise
