Small Business Administration Closes Key Bridge Recovery Centers, but Loans Still Available for Affected Businesses and Nonprofits

The Small Business Administration has closed its two business recovery locations that opened after the Key Bridge collapse, but businesses and nonprofits can still apply for assistance. In the days following the bridge collapse and the closure of the Port of Baltimore, SBA officials were providing low-interest loans to affected businesses and nonprofits, offering cash flow assistance without requiring immediate payments.

Small Business Administrator Isabel Guzman stated that the loans offer no interest accruing for 12 months, giving businesses the option to use the funds as needed. With over $21 million in loans approved and more than 4,700 applications filed, the impact of the disaster extends beyond just the Port of Baltimore to industries like tourism.

While the physical centers have closed, business owners still have time to apply before the end of the year. Liliana Tschanett from the Small Business Administration emphasized that businesses can assess how the disaster affected them and apply accordingly. The online application deadline for loans is December 30, and businesses are encouraged to apply for assistance through the SBA website.