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Prince William and Stafford County Business Owners Eligible for SBA Disaster Funding Following Bridge Collapse and Port Closure

The Francis Scott Key Bridge in Baltimore collapsed on March 28, 2024. [Photo: USDOT Facebook]
Business owners in Prince William and Stafford counties impacted by the economic fallout from the collapse of the Francis Scott Key Bridge and the subsequent closure of the Port of Baltimore can now apply for Small Business Administration (SBA) Economic Injury Disaster Loans. These loans are designed to assist businesses in covering their ordinary and necessary financial obligations that cannot be met due to the disaster.

The collapse, which occurred on March 26, 2024, has had a far-reaching impact on commerce and transport across the region, necessitating these federal measures. Eligible areas extend beyond Maryland and include certain counties in Delaware, the District of Columbia, Pennsylvania, Virginia, and West Virginia.

The SBA is offering up to $2 million in loans to businesses and non-profit organizations. Interest rates for businesses and small agricultural cooperatives are set at 4.000% and 3.250% for non-profit organizations. The loan terms may extend up to 30 years, depending on the borrower's financial condition. Applications are open until December 30, 2024.

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