SBA News: Emergency Funding Tied to the Key Bridge Collapse Is Available; New Women Business Centers Open

The Small Business Administration is extending relief to entrepreneurs affected by the March 26 collapse of the Francis Scott Key Bridge, which crosses the Patapsco River, in Baltimore.  

The SBA announced on Saturday that small businesses located in the Mid-Atlantic region are eligible to apply for loans from its Economic Injury Disaster Loan program, which extends low-interest loans to help founders get their business back on track if they suffer from a disaster.

The relief arrives as Maryland officials got the greenlight on its $60 million emergency funding request to help with rebuilding efforts after the cargo ship Dali careened into a bridge pier, collapsing the span and killing six construction workers.

“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,” Francisco Sánchez, Jr., associate administrator for the SBA’s Office of Disaster Recovery and Resilience said in a statement. 

Officials estimate that the collapse is costing $2 million in lost worker wages each day, according to Secretary of Transportation Pete Buttigieg. 

If a small business is experiencing a dent in revenue because of the collapse, a founder can apply for a loan of up to $2 million. Interest rates are capped at four percent for small businesses and 3.25 percent for non-profits, according to the SBA. 

Small businesses located in specific counties in Maryland, the District of Columbia, Delaware, Pennsylvania, Virginia and West Virginia are eligible to apply. 

Affected businesses in Washington D.C. could also benefit from the Washington Area Community Investment Fund, a new Women’s Business Center propped up in the nation’s capital. Women’s business centers help female founders grow their businesses by extending training and counseling, along with federal contracting support.

The new D.C. center will join 16 additional new centers announced by the SBA over the weekend, 13 of which will be spearheaded by minority-serving institutions. The new centers will serve businesses located in California, Connecticut, D.C., Florida, Hawaii, Illinois, Louisiana, Ohio, Oregon, South Carolina, Tennessee, Texas, Virginia and Wisconsin.