A federal program offering loans to small businesses affected by the collapse of Baltimore’s Francis Scott Key Bridge has garnered significant interest, with officials reporting 500 applications received. The funds, set to be distributed within approximately two weeks, aim to provide support to companies during the closure of the city’s crucial port to most maritime traffic. The U.S. Small Business Administration, led by Isabella Casillas Guzman, is overseeing the initiative.
Businesses in transportation and supply chain logistics are expected to face the most immediate challenges, with long-term repercussions anticipated to be widespread. The closure of Baltimore’s port, which is a key hub for car and farm equipment shipments, has caused logistical disruptions along the East Coast.
The assistance program offers low-interest loans of up to $2 million to eligible businesses. In a bid to address the broader impact of the bridge collapse, the Maryland Senate unanimously passed a bill authorizing the governor to utilize the state’s rainy day fund to aid unemployed port workers and support small businesses to prevent layoffs.
Wallenius Wilhelmsen, a Norwegian shipping company with operations in Baltimore, estimates its losses from the port closure to be between $5 million and $10 million. The cargo ship Dali, which struck the Key Bridge leading to its collapse, remains stationary in Baltimore’s harbor, with its crew still on board.
Efforts are underway to clear the wreckage and recover the remaining bodies from the site. President Joe Biden is scheduled to visit the location to meet with the victims' families and receive updates on the reopening of the port from U.S. Coast Guard and Army Corps of Engineers officials.
Divers are facing challenges due to murky waters, hindering visibility during salvage operations. A large floating crane is aiding in the recovery process, with plans to open temporary channels for vessel traffic. Seven commercial ships are currently stranded in the port until a suitable channel is established for their departure.
