Small Business Administration opened in the area to help companies get loans to assist them with losses caused by the disruption caused by the collapse. U.S. Sen.
Ben Cardin, a Democrat who accompanied Moore in meetings with potential loan applicants, said he spoke with truck drivers who relied on the port to supply their cargo. They are among those feeling the immediate economic effects of the collapse, he said, but the ripple effects will be widespread — especially for small businesses, which he called “the growth engine of our nation." For Alex Del Sordo, who owns a marina and waterside restaurant near the collapse site, the future economic landscape is largely a mystery. So far, his businesses have been busy servicing boats involved in the recovery and salvage operation and offering discounted meals for first responders.
He said he and his partner are considering applying for a low-interest loan. He anticipates a decrease in pleasure boating because boats moored in Baltimore’s harbor are temporarily trapped there. But he said rebuilding the Key Bridge will likely bring a large influx of labor and maritime traffic into the area, which could help some local businesses stay afloat.
“I think small businesses will have to be creative in what they offer," he said. In Annapolis, a hearing was scheduled Tuesday afternoon for a bill authorizing use of the state’s rainy day fund to help port employees who are out of work because of the bridge collapse and aren’t covered under unemployment insurance while the port is closed or partially closed. The bill also would let the governor use state reserves to help some small businesses avoid laying people off and to encourage companies that relocate to other ports to return to
. Read more on livemint.com