The Baltimore Community Foundation (BCF) has launched the Small Business Direct Grant Program to help small businesses recover from the collapse of the Francis Scott Key Bridge, which happened nearly a year ago.
The Key Bridge Small Business Direct Grant Program will provide direct cash assistance for businesses severely impacted by the bridge’s collapse last March. The initiative is backed by BCF’s Maryland Tough Baltimore Strong Key Bridge Fund and will prioritize businesses in Southeastern Baltimore City, Southeastern Baltimore County, and Northern Anne Arundel County.
“As the backbone of our communities, small businesses in the impacted communities have felt immense financial strain since the Key Bridge collapse,” said Shanaysha Sauls, president and CEO of BCF. “This program is designed to give them the working capital they need to adapt and continue contributing to the economic vitality of our region.”
The Maryland Tough Baltimore Strong Key Bridge Fund was established within 48 hours of the bridge’s collapse. It has grown to $15 million with support from national, regional, and local businesses and individual donations. The funds have given direct cash assistance to Port of Baltimore workers, grants to charities and community programs providing relief, and financial aid to area small businesses.
The Key Bridge Small Business Direct Grant Program will offer grants ranging from $10,000 to $50,000 to help businesses address losses of revenue, increases in costs, and operational challenges. Hopefully, this can aid them in stabilizing their operations and regain the paths towards long-term success.
Business can submit applications online through one of the following designated partner organizations, all of whom have staff available to help applicants in Spanish or in English:
- Anne Arundel County Economic Development Corporation (AAEDC)
- Application linked here
- For applicants located in Anne Arundel County or other parts of Maryland
- Baltimore Community Lending (BCL)
- Application linked here
- For applicants located in Baltimore City or other parts of Maryland
- Latino Economic Development Center (LEDC)
- Application linked here
- For applicants located in Baltimore County or other parts of Maryland
Eligibility requirements are as follows:
- Demonstrate significant impact from the Key Bridge collapse; preference will be given to businesses located in Southeastern Baltimore City, Southeastern Baltimore County, and Northern Anne Arundel County.
- Must provide a 2023 profit and loss statement, along with a year-end 2024 balance sheet and 2024 profit and loss statement to demonstrate viability and feasibility.
- Must have been operational for at least two years as of March 26, 2024, with a minimum revenue of $50,000 for one of the prior two years.
- Must employ at least two people, including owner(s).
BCF and its partners, the Greater Baltimore Committee (GBC) and three local community development organizations will evaluate the applications and fund distribution, providing support and guidance throughout the application period wherever needed.
“The collapse of the Francis Scott Key Bridge on March 26, 2024 significantly affected small businesses throughout the impacted areas of Baltimore City, Baltimore County, and Anne Arundel County,” said Mark Anthony Thomas, GBC President and CEO. “The establishment of today’s Key Bridge Small Business Direct Grant Program will be instrumental in supporting the small businesses and healthy commercial corridors that are central to a strong regional economy.”
For more information on the Key Bridge Small Business Direct Grant Program and how to apply, click this link.
