Baltimore — Small Business Administration Two offices were closed. A recovery center opened after the Key Bridge collapse.
But that doesn't mean your chances of applying for assistance are closed.
A few days after the bridge collapse With the Port of Baltimore closed, SBA officials have been in Maryland providing low-interest loans to affected businesses and nonprofits.
“There will be no interest accrued for 12 months, no payments required, so it essentially provides a cash flow that these businesses can utilize,” Small Business Administration Administrator Isabel Guzman said.
After nine weeks, the physical centre will close.
$21 million loan approved
To date, federal agencies have approved more than $21 million in loans, with more than 4,700 applications submitted.
“They don't even have to take out a loan, they just have to have this as an option,” said Liliana Chanet of the Small Business Administration.
Impact beyond the Port of Baltimore
Just two months after the disaster occurred, it's difficult to gauge its economic impact, but experts say the collapse has already affected and will continue to affect industries far beyond the Port of Baltimore.
SBA officials say this will impact not only the transportation and international shipping industries, but other businesses, including tourism.
Chanet said business owners can still apply for loans, but it will take months to determine how much damage the disaster has caused during busy periods.
“Obviously, if a bridge collapses, if I'm a business owner in the area, I'd want to have that on my record, 'How did this affect me?'” Chanette said.
How to still apply
Businesses and nonprofits have until the end of the year to apply for assistance.
“However, this situation will continue and we will continue to accept applications online until the deadline,” Chanet said.
Please see this SBA link for more information on how to apply for these loans now that the centers are closed.
The online deadline is December 30th.
