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U.S. Small Business Administration to Close Business Recovery Centers in Baltimore Area Following Key Bridge Collapse
The U.S. Small Business Administration is set to close the remaining Business Recovery Centers in the Baltimore area following the collapse of the Francis Scott Key Bridge. These centers were established to assist business owners in completing disaster loan applications and providing updates on loan applications after the bridge collapse on March 26.
While one location in Glen Burnie has already closed, the Dundalk and Baltimore City centers will shut down on Friday. Businesses still in need of assistance can reach out to the SBA for Economic Injury Disaster Loans. These loans offer up to $2 million with a 4% interest rate for businesses and 3.25% for nonprofits, with repayment terms of up to 30 years.
A recent report by the Maryland Chamber of Commerce revealed that 64% of businesses surveyed experienced revenue losses after the collapse. The report also highlighted challenges such as increased freight costs, logistical issues, and employee impacts due to longer commute times. Recommendations in the report include extending service hours for truckers and investing in road maintenance and modern traffic mitigation technology.
Businesses affected by the Key Bridge collapse have until December 30, 2024, to apply for assistance. The closure of the Business Recovery Centers marks the end of a chapter in the recovery process for these businesses, as they continue to navigate the impacts of the bridge collapse on their operations.
