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.
Applicants must demonstrate a satisfactory credit history and the ability to repay the loan. Additionally, collateral is required for loans over a certain amount, and mandatory insurance is required for properties in special flood hazard areas.
Applications must be submitted by Dec. 31, 2024. Further assistance is available through the SBA’s Customer Service Center.
— Hat tip to the Prince William Chamber of Commerce for this news.
