Loans available to small businesses in D.C., Maryland, and select counties in Delaware, Pennsylvania, Virginia, and West Virginia
WASHINGTON, March 30, 2024 (GLOBE NEWSWIRE) — Today, SBA Administrator Isabel Casillas Guzman announced that the mid-Atlantic region affected by the Francis Scott Key Bridge collapse on March 26, 2024, announced that small and medium-sized enterprises may apply for long-term economic policies with low interest rates. Injury Disaster Loan (EIDL) U.S. Small Business Administration (SBA)).
“The SBA, along with the entire federal government, mourns the lives lost in the tragic collapse of the Francis Scott Key Bridge.” said Director 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. ”
Administrator Guzman made the loan available in response to a letter from Maryland Governor Wes Moore requesting a disaster declaration by the SBA on March 29, 2024. This declaration covers the entire state. maryland and includes adjacent counties. District of Columbia; Kent, Newcastle, Sussex Delaware; Adams, Bedford, Chester, Fayette, Franklin, Fulton, Lancaster, Somerset, York pennsylvaniaAccomack, Independent City of Alexandria, Arlington, Fairfax, Loudon Virginia; and Berkeley, Grant, Hampshire, Jefferson, Mineral, Morgan, and Preston. West Virginia.
This declaration applies to small and medium-sized enterprises, small-scale agricultural cooperatives, small-scale fish farmers, and private non-profit organizations. Applicants in the declared territory can now file a federal application. Economic Injury Disaster Loan (EIDL) Up to $2 million will be compensated to cover temporary loss of income due to the bridge collapse. These loans may be used to pay regular operating expenses such as fixed debt, payroll costs, accounts payable, and other bills that cannot be paid due to the disruption.
Eligibility is determined solely on the economic impact of the disaster, not actual property damage.The interest rates on these loans are Four% For small and medium-sized businesses 3.25% It is open to private nonprofit organizations, has a maximum term of 30 years, and is limited to small and medium-sized businesses that do not have the financial capacity to offset the adverse effects without difficulty.
Interest does not accrue until 12 months after the original disaster loan disbursement date. SBA disaster loan repayment begins 12 months after the original disbursement date.
“The collapse of the bridge will impact small businesses whose economic livelihoods depend on the transportation and movement of goods from the Port of Baltimore and along the Francis Scott Key Bridge.” said Francisco Sanchez Jr., SBA Deputy Administrator for Disaster Recovery and Resilience.. “As part of the Biden-Harris Administration's efforts to support communities during times of crisis and ensure small businesses receive critical assistance, the SBA will provide financial relief to businesses affected by this incident. By doing so, we are supporting Maryland and the surrounding region.”
Applicants can apply online and receive additional disaster assistance information at sba.gov/disaster. Applicants may also call SBA's Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information about SBA disaster assistance. If you are deaf, hard of hearing, or have a speech impairment, dial 7-1-1 for telecommunications relay services.
Starting Monday, April 1, SBA's Business Recovery Center customer service representatives will help business owners complete disaster loan applications, receive documentation for existing applications, and provide loan application status. Our center will operate as follows until further notice.
Business Recovery Center (BRC)
baltimore county
Dundalk Renaissance
11 Center Place, Suite 201
Dundalk, MD 21222
Date: Monday, April 1st, 1:00pm to 6:00pm
Business hours: Monday – Friday, 8am – 6pm
Saturday, 10am to 2pm
Closed: Sunday
“No matter how many companies expected a situation like this to occur, we are glad that we were able to declare an economic damage disaster so quickly.” said Stephen Umberger, SBA's Maryland District Director.. “I want to thank Governor Moore for his hard work and response to this situation, ensuring local small businesses receive critical economic support.”
The deadline for filing economic injury claims is December 30, 2024.
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About the U.S. Small Business Administration
The U.S. Small Business Administration helps advance the American dream of business ownership. As the single go-to resource and voice for small businesses backed by the power of the federal government, the SBA helps entrepreneurs and small business owners start, grow, and expand their businesses, recover from a declared crisis, and more. We will provide you with the resources and support you need to do so. disaster. We provide services through an extensive network of SBA field offices and partnerships with public and private organizations. For more information, please visit www.sba.gov..
CONTACT: Kirk McElwain U.S. Small Business Administration 202-205-6175 Kirk.McElwain@sba.gov
