WASHINGTON — Small businesses in Fayette County affected by the collapse of the Francis Scott Key Bridge in Baltimore are eligible to apply for U.S. Small Business Administration low-interest loans.
Fayette is one of nine Pennsylvania counties where small businesses, small agricultural cooperatives, small aquaculture businesses, and private nonprofit organizations now are eligible for Economic Injury Disaster Loans, which carry interest rates of 4% (3.25% for private nonprofit organizations) and have terms of as long as 30 years. Businesses can borrow up to $2 million to pay operating expenses if their revenues dropped due to the disaster.
Businesses in Maryland; Washington, D.C.; and the counties in Delaware, Virginia; and West Virginia adjacent to Maryland also are eligible for the federal help.
“The bridge collapse will impact small businesses who depend on the transportation and movement of goods from the Baltimore Harbor and along the Francis Scott Key Bridge for their economic livelihood,” said Francisco Sanchez Jr., associate administrator for the SBA’s Office of Disaster Recovery and Resilience.
The Key Bridge collapsed Tuesday after being hit by a cargo ship, cutting off access to the Port of Baltimore and severing Interstate 695. Six maintenance workers were on the span when it was hit and presumed dead.
Businesses may apply online at www.sba.gov/disaster or call 800-659-2955 or email disastercustomerservice@sba.gov for more information. A recovery center will open Monday in Dundalk, Md., to help business owners complete their loan applications.
The deadline to apply for the low-interest loans is Dec. 30.
Correction: An earlier version misstated the number of Pennsylvania counties eligible for the SBA loan.
First Published: March 31, 2024, 12:59 p.m.
Updated: April 1, 2024, 3:06 p.m.