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Dealing with disaster following bridge collapse

Federal loans may keep small businesses afloat
Posted at 4:53 PM, Apr 04, 2024
and last updated 2024-04-04 17:24:59-04

BALTIMORE, Md. — Trucking companies and independent truckers like Andrew Stanford, who serve as key cogs in the supply line, are feeling the effects of the bridge collapse and the closure of the Port of Baltimore.

“When this happened, it just shut everything down,” said Stanford. “So now, this is the first time we were living like check to check doing trucking, so now with this happening, we don’t know what’s going to happen next.”

Business Recovery Centers like this one on South Clinton Street in Canton and a new one opening at CCBC Dundalk are offering small businesses and non-profits directly impacted by the disaster, low-interest, long-term loans of up to two million dollars to help them pay fixed debts, payroll, and other bills to keep them in business.

“We’ve deferred payments and interest for 12 months with no interest accruing during the 12-month period and no payments required,” said U.S. Small Business Administrator Isabel Casillas Guzman.

The loans serve as lifelines for those struggling less than two weeks after the disaster who could be impacted indefinitely, buying time for them to regain their livelihoods.

“We’re going to feel it first, the truckers, because we take the stuff off the ships and deliver it around the areas,” said Stanford, “but everybody is going to feel it eventually if they don’t get it cleaned up fast."

Both of the centers are open Monday through Friday from 8am to 6pm and on Saturdays from 10am to 2pm.