The Trentonian (Trenton, NJ)

Small Business Administra­tion offers assistance to small firms

NEW YORK >> The Small Business Administra­tion is offering assistance to those affected by the bridge collapse in Maryland.

Small businesses in the Mid-Atlantic region will be eligible for low-interest, long-term Economic Injury Disaster Loans of up to $2 million.

“The SBA joins the entire federal family in grieving for the lives lost in the tragic collapse of the Francis Scott Key Bridge,” said SBA Administra­tor Isabel Casillas Guzman. “As Baltimore and the wider community mourn and start to rebuild, the SBA and the Biden-Harris Administra­tion stand ready to help local small businesses get through the economic disruption caused by the bridge collapse.”

The bridge was a key transporta­tion route in the region. Every year, 1.3 million trucks cross the bridge — 3,600 a day, according to the American Trucking Associatio­ns.

Trucks that carry hazardous materials will now have to make 30 miles of detours around Baltimore because they are prohibited from using the city’s tunnels, adding to delays and increasing fuel costs.

The declaratio­n covers the entire state of Maryland and contiguous counties, including the District of Columbia. Small businesses, small agricultur­al cooperativ­es, small aquacultur­e businesses and private nonprofit organizati­ons can apply for the loan.

Eligibilit­y is based on the financial impact of the disaster only and not on any physical property damage. These loans have an interest rate of 4% for small businesses and 3.25% for private nonprofit organizati­ons with terms up to 30 years.

More informatio­n can be found at sba.gov.