By Megan SaylesAFRO Enterprise Writermsayles@afro.com
Companies throughout the area are nonetheless reeling from the collapse of the Francis Scott Key Bridge, which has halted most vessel visitors to the Port of Baltimore. For the reason that disaster, native and federal officers and nonprofits have stepped in to supply help to affected companies.
At Governor Wes Moore’s request, the Small Enterprise Administration (SBA) made an Financial Harm Catastrophe Mortgage (EIDL) declaration for the state of Maryland. Impacted enterprise homeowners in Maryland and contiguous counties can now apply for low-interest loans for as much as $2 million to deal with income losses introduced on by the bridge collapse.
“We all know that the port was important for thus many services and products coming into the USA and going out,” stated SBA Administrator Isabel Guzman. “That’s going to have an effect on giant and small companies, in addition to their workers. It’s a reasonably broad influence within the area and nationally.”
Greater than 500 companies have already utilized for EIDLs, in line with Guzman. The 30-year loans have rates of interest as little as 4 % for small companies and three.25 % for nonprofits. The mortgage additionally permits companies to defer funds and curiosity for as much as 12 months after disbursement.
The SBA opened two Enterprise Restoration Facilities (BRCs) to help enterprise homeowners in finishing EIDL purposes. The primary is positioned in Baltimore County on the Dundalk Renaissance, and the second is located in Baltimore Metropolis on the CareFirst Engagement Middle.
Guzman stated a number of extra BRCs will open in Maryland sooner or later.
“We need to be certain that the Biden-Harris administration stands prepared in the long run to proceed to help efforts to rebuild and get better and to make sure that nobody is left behind,” stated Guzman.
The town of Baltimore has additionally intervened to supply aid. On March 3, Mayor Brandon M. Scott introduced that the Board of Estimates (BOE) unanimously accredited $1 million in wage subsidies for companies impacted by the partial closure of the Baltimore port.
The capital will probably be transferred to the Baltimore Civic Fund for deployment, which managed the same program for small companies in the course of the COVID-19 pandemic.
Throughout his announcement, Scott clarified that this system was not created to outshine any aid efforts that different native, state and federal officers are main.
“That is simply an preliminary step that we will do to assist begin to fill the gaps, however it’s an necessary step,” stated Scott. “Within the coming days, we’ll be speaking about extra help that town of Baltimore might help to supply, however we need to guarantee, as all the time, that everybody is shifting collectively.”
Within the philanthropic neighborhood, United Method of Central Maryland (UWCM) launched the Bridging the Hole Fund to help stricken communities with meals entry, eviction prevention companies and different long-term wants that come up within the aftermath of the catastrophe.
“We anticipate that the repercussions of this catastrophic occasion will play out in our communities over the subsequent months, perhaps years,” stated UWCM president and CEO Franklyn Baker. “Our objectives with the Bridging the Hole Fund is to supply help for speedy wants but additionally to help our neighbors and the neighborhoods they name house effectively into the long run.”
Megan Sayles is a Report for America corps member.
