SBA's Liliana Chanette outlines disaster loan options for businesses post-bridge collapse

In a pivotal presentation at the Rising Sun Town Meeting on April 23, 2024, Liliana Chanette from the Small Business Administration (SBA) addressed the community about the economic fallout from the recent Keys Bridal Collapse. This tragic event has prompted state and federal efforts to mitigate its impact on local businesses, particularly in Cecil County.

Chanette outlined the establishment of business recovery centers in Baltimore and Anne Arundel, aimed at assisting affected businesses. She emphasized that even those not immediately near the bridge may feel significant economic repercussions in the coming months. "It's going to be a tremendous impact that's going to be seen in the area," she warned, urging local stakeholders to disseminate information about available resources.

The SBA is offering Economic Injury Disaster Assistance Loans (EIDLs) to help businesses recover. These loans, which come with a fixed interest rate of 4% for businesses and 2.35% for nonprofits, are designed to provide cash flow support without requiring payments for the first year. Chanette encouraged business owners to consider these loans as a viable option to keep their operations afloat, stating, "This is a good opportunity to pay the fixed debts and keep the doors open."

The application process is straightforward, and while there is no local SBA office in Cecil County, assistance is available through the business recovery centers. Chanette urged attendees to share this information widely, highlighting the importance of community awareness in accessing these critical resources.

As the deadline for loan applications approaches on December 30, Chanette's message was clear: businesses must act swiftly to secure the support they need to navigate the challenges ahead.