Over half of Baltimore County small businesses lost revenue due to Key Bridge collapse, report says
BALTIMORE — Newly released data from the Maryland Chamber of Commerce is giving a better picture of how the collapse of the Francis Scott Key Bridge impacted businesses in Baltimore and statewide.
According to the report, 64% of small businesses in around Baltimore County say they lost revenue due to the collapse.
The data was collected from over fifty businesses, with more than half of them being labeled as small businesses. The study revealed Baltimore County is one of the most affected areas.
This comes as the Small Business Administration (SBA) is preparing to close the remaining recovery centers in Dundalk and Baltimore City on Friday.
The centers were originally set up to support small businesses impacted.
The report also found, many of the small businesses affected don't qualify for loans from the SBA.
Data also shows increased freight costs and logistical challenges due to rerouting imports and cargo. Businesses also report longer commute times negatively impacting many of their employee's productivity and morale.
"As we applaud the remarkable achievement of removing the Dali from the Francis scott key bridge site, allowing the vital port of Baltimore to soon fully reopen for business, we cannot lose sight that many businesses across our state are still grappling with impacts due to the loss of the Key Bridge," said Mary D. Kane, the president, and CEO of the Maryland Chamber of Commerce.
The report also outlines long-term recommendations, focused on infrastructure investment, resilience planning, port support, business disaster preparedness and more.
The full report and additional resources are available at mdchamber.org/recoverycoalition
The coalition has also launched a Recovery Resource Hub at mdchamber.org/Bridge.
