#United States #Baltimore #Baltimore Community Foundation #Key Bridge #Small Business Grant

Baltimore Community Foundation Launches a Vital Grant Program for Businesses Affected by Key Bridge Collapse

The Baltimore Community Foundation (BCF) has taken significant steps to support small businesses that were hit hard by the collapse of the Francis Scott Key Bridge in March 2024. This initiative, in collaboration with the Greater Baltimore Committee (GBC) and several community development organizations, is aimed at providing essential financial assistance, promoting economic recovery in the region, and rebuilding the local economy.

Understanding the Impact of the Key Bridge Collapse

The Key Bridge collapse resulted in immediate and severe disruptions to businesses located in Southeastern Baltimore City, Baltimore County, and Northern Anne Arundel County. Many local businesses struggled to maintain operations as traffic patterns changed and consumer access diminished. As a backbone of the community, these businesses faced immense financial pressures that threatened their viability. In response, BCF has rolled out the Key Bridge Small Business Direct Grant Program, which prioritizes funding those most affected by this tragedy.

Grant Program Details

Launched with an initial fund of $5 million, the grant program is part of BCF's ongoing Maryland Tough Baltimore Strong Key Bridge initiative, which has now grown to $16 million thanks to contributions from both public and private sectors. The program is designed to provide direct cash assistance ranging from $10,000 to $50,000 to eligible small businesses, helping them stabilize operations, adapt business strategies, and ultimately invest in their long-term survival.

Online applications opened on February 18 and will remain accessible until March 20, 2025, followed by a 30-day review process. Interested business owners must demonstrate significant disruptions due to the bridge collapse and provide detailed financial documentation, including a profit and loss statement from 2023.

A Collaborative Effort

The program emphasizes partnership and community engagement. BCF has partnered with designated organizations like the Anne Arundel County Economic Development Corporation (AAEDC), Baltimore Community Lending (BCL), and the Latino Economic Development Center (LEDC). Not only will these organizations aid in grant applications, but they will also provide crucial support in both English and Spanish to ensure inclusivity.

BCF's President and CEO, Shanaysha Sauls, articulated the necessity of this program: "As the backbone of our communities, small businesses in the impacted areas need immediate financial support to continue operating and contributing to our regional economy."

Maryland Governor Wes Moore also expressed his commitment to small business support, stating, "This collaboration demonstrates our mission-first, people-always approach. After the Key Bridge collapse, we joined forces to uplift our small businesses, and this grant program is a testament to that pledge."

Eligibility Criteria and Application Process

The eligibility requirements for applicants include:
1. A significant impact from the Key Bridge collapse.
2. A minimum of two years of operational history as of March 26, 2024, with at least one year reflecting a minimum revenue of $50,000.
3. Employment of at least two individuals, including the owner(s).

The emphasis on having comprehensive financial records underscores the commitment to ensure that funds are directed to genuinely viable businesses, reinforcing the importance of free enterprise in recovering local economies following a crisis.

Looking Ahead

The BCF's commitment to aiding local businesses does not end with this grant program. BCF and GBC are also focused on providing technical assistance to businesses through partnerships, showcasing a holistic approach to recovery.

Conclusion

For those looking to apply for the Key Bridge Small Business Direct Grant Program, more details can be found at BCF’s official website. This program is crucial for nurturing the resilience of Baltimore's small business community and building a stronger regional economy, proving that through collaboration and support, recovery is not just possible—it's inevitable.