Business recovery centers from Key Bridge collapse closed. Here's how you can still apply.
BALTIMORE -- The Small Business Administration has closed up shop at its two business recovery locations that opened following the Key Bridge collapse.
But that does not mean the door is shut on your chance to apply for assistance.
Days after the collapse of bridge and the closure of the Port of Baltimore, SBA officials were on the ground in Maryland offering low-interest loans to businesses and nonprofits affected.
"With no interest accruing during that 12-month period, and no payments required, so in essence, providing cash flow for these businesses to use," said Small Business Administrator Administrator Isabel Guzman.
Nine weeks later, the physical centers are shutting down.
$21 million in loans approved
To date, the federal agency has approved over $21 million in loans. More than 4,700 applications have been filed.
"You don't even need to take the loan. You could just have this as an option," said Liliana Tschanett, from the Small Business Administration.
Impact beyond Port of Baltimore
It is hard to measure the economic impact of this disaster just two months in but experts say the collapse has and will impact industries well beyond the Port of Baltimore.
SBA officials say this is going to impact other businesses — not just transportation, not just international shipping -- including tourism.
Cha-net says business owners can still apply for a loan, but they have months to determine how their peak season may have been hurt by the disaster.
"With a collapse of the bridge, of course, if I'm a business owner in the area, I would want to see on the books, 'How did this affect me?'" Tschanett said.
How you can still apply
Businesses and nonprofits have until the end of the year to apply for assistance.
"But this will continue and we accept applications online until the deadline," Tschanett said.
For more information on how to apply for these loans now that the centers are closed, here's a link for the SBA.
The online deadline is December 30.
