Small businesses impacted by Key Bridge collapse gain support from Federal Government
BALTIMORE-- On Thursday, the US Small Business Administration Administrator Isabel Guzman visited the SBA Business Recovery Center at the CareFirst Engagement Center in Canton.
This is one of two centers set up by the federal government.
The other one is currently at the Dundalk Renaissance Center, but starting Friday, a new, larger center will be opening at the Community College of Baltimore County campus in Dundalk.
Administrator Guzman met with small business owners who say there are in major need.
"Businesses are telling us that, obviously, first and foremost, they want to be able to continue to survive their hearts and souls are input into these businesses they would like to find a way forward," Guzman said.
The business owners can now apply for federal economic injury disaster loans.
Those loans are 30 years loans for up to $2 million with interest rates as low as 4 percent for businesses and 3.25 percent for nonprofits.
So far, more than 500 applications have been received.
Local and state leaders are also offering their support.
Earlier this week Baltimore Mayor Brandon Scott announced $1 million in wage subsidies for workers and businesses impacted by the port closure.
"Were talking about businesses, mainly really, really small and single proprietor businesses that depend on the Port and the question they have is, 'How we can help them?'" Mayor Scott said.
The administrator says businesses should start to see their loan money about two weeks after their applications are approved.
