04/03/2024

SBA Launches Loans for Small Businesses Impacted by Baltimore Bridge Collapse

Some nonprofits affected by the tragedy can apply for federal EIDLs

In the wake of the tragic Francis Scott Key Bridge collapse on March 26, 2024, SBA Administrator Isabel Casillas Guzman announced on March 30 that impacted small businesses across the Mid-Atlantic region could apply for low-interest, long-term Economic Injury Disaster Loans (EIDLs) from the U.S. Small Business Administration (SBA).

According to the SBA, the loan availability comes in response to a disaster declaration request from Maryland Governor Wes Moore on March 29, encompassing the entire state along with contiguous counties in the District of Columbia, Delaware, Pennsylvania, Virginia and West Virginia.

Small businesses, agricultural cooperatives, aquaculture businesses and private nonprofit organizations are welcome to apply for federal EIDLs of up to $2 million to counteract temporary decreases in revenue due to the collapse. These loans, with interest rates of 4 percent for small businesses, 3.25 percent for private nonprofits and terms up to 30 years, can cover operating expenses like fixed debts, payroll, accounts payable and other unpaid financial obligations due to the disruption.