Small businesses in Baltimore seek federal loans following bridge collapse

The collapse of Baltimore’s Francis Scott Key Bridge has sent shockwaves through the city, with businesses facing unprecedented challenges as the vital port remains closed to most maritime traffic. In response to the crisis, a federal program offering loans to small businesses has received an overwhelming 500 applications, signaling the urgent need for financial assistance.

Isabella Casillas Guzman, head of the U.S. Small Business Administration, visited Baltimore to meet with business owners and local leaders, emphasizing the program’s importance in keeping companies afloat during this difficult time. The funds, which could start being distributed within two weeks, offer low-interest loans of up to $2 million to help businesses weather the storm.

The impact of the bridge collapse extends far beyond Baltimore, affecting transportation and supply chain logistics nationwide. The Maryland Senate has approved a bill authorizing the governor to use the state’s rainy day fund to assist unemployed port employees and support struggling businesses. The legislation aims to mitigate the economic fallout and encourage companies to return to Baltimore once the port reopens.

Meanwhile, the Norwegian shipping firm Wallenius Wilhelmsen has reported losses of millions of dollars due to the port closure, highlighting the widespread repercussions of the disaster. As President Joe Biden prepares to visit the collapse site and meet with victims’ families, efforts are underway to clear the wreckage and reopen the port as soon as possible.

Despite the challenges posed by murky waters and treacherous conditions, salvage crews are working tirelessly to recover bodies and restore normalcy to Baltimore’s port. The resilience and determination of the community in the face of adversity are evident as they come together to rebuild and recover from this tragic event.