NEW YORK (AP) — The Small Business Administration is providing assistance to those affected by a Maryland bridge collapse.
Small businesses in the Mid-Atlantic region are eligible for low-interest, long-term Economic Injury Disaster Loans of up to $2 million.
“SBA joins the entire federal family in mourning the lives lost in the tragic collapse of the Francis Scott Key Bridge,” said SBA Secretary Isabel Casillas Guzman. “As Baltimore and the broader community grieve and begin to rebuild, the SBA and the Biden-Harris Administration stand ready to help local small businesses weather the economic disruption caused by the bridge collapse. ”
The bridge was an important transportation route in the area. According to the American Trucking Associations, 1.3 million trucks cross the bridge each year. That number is 3,600 per day. Trucks carrying hazardous materials are prohibited from using tunnels within the city, forcing them to make a 30-mile detour around Baltimore, increasing delays and fuel costs.
The proclamation covers all of Maryland and contiguous counties, including the District of Columbia. Small businesses, small agricultural cooperatives, small-scale fish farmers, and private nonprofit organizations can apply for loans.
Eligibility is based solely on the economic impact of the disaster and not on property damage. These loans have interest rates of 4% for small businesses and 3.25% for private nonprofit organizations, and terms of up to 30 years.
For more information, visit sba.gov.
