More help is available for companies still reeling from the Francis Scott Key Bridge collapse last March.
The Baltimore Community Foundation, in collaboration with the Greater Baltimore Committee and three local community development organizations, unveiled the Key Bridge Small Business Direct Grant Program. The initiative prioritizes businesses in Southeastern Baltimore City, Southeastern Baltimore County and Northern Anne Arundel County.
Grants will range from $10,000 to $50,000 to help area companies stabilize operations, update business models and invest in long-term viability. The online grant application opened Feb. 18 and will close March 20, followed by a 30-day review period.
“As the backbone of our communities, small businesses in the impacted communities have felt immense financial strain since the Key Bridge collapse,” BCF’s President and CEO Shanaysha Sauls said in a statement. “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, established within 48 hours of the collapse, has grown to $16 million through support from national, regional and local businesses and donations from individuals, according to BCF. The fund has provided direct cash assistance for Port of Baltimore workers, grants to charitable organizations and community-strengthening programs providing relief to those affected, and capacity building and financial aid to area small businesses, a BCF news release said.
The Key Bridge Small Business Direct Grant Program addresses the losses in revenue, increased costs and operational challenges stemming from the collapse.
Applications will only be accepted through several partner organizations, including the Anne Arundel County Economic Development Corporation, Baltimore Community Lending and Latino Economic Development Center. Each of these organizations have staff available to assist applicants in Spanish or in English.
According to BCF’s website, to qualify for the Key Bridge Small Business Direct Grant Program, applicants must 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. They also 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. Finally, the businesses have to be 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 and employ at least two people, including the owners.
In September 2024, BCF and GBC launched phase one of BCF’s small business support, focused on providing technical assistance to small businesses. Separate from the Key Bridge Small Business Direct Grant Program, BCF encourages nonprofits that provide technical assistance or capacity building to small businesses to apply for funding.
More details can be found at bcf.org/keybridgesmallbusiness/.
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