Financial Support Boosts Recovery for 66 Businesses After Key Bridge Collapse

$3 Million in Grants to Support Baltimore Small Businesses

The recent collapse of the Francis Scott Key Bridge in Baltimore has left a lasting impact on local businesses, causing disruptions and financial strain. In response, the Baltimore Community Foundation (BCF), in collaboration with the Greater Baltimore Committee (GBC) and several community organizations, has allocated $3 million in grants to 66 small businesses affected by this crisis. These grants address immediate operational challenges and facilitate long-term recovery for the region's economy.

Addressing Immediate Needs

The Maryland Tough Baltimore Strong Key Bridge Fund was created shortly after the bridge's collapse in March 2024. This initiative aims to provide direct cash grants to assist local businesses in overcoming revenue losses and increased operational costs. The BCF has partnered with community organizations like the Latino Economic Development Center (LEDC), the Anne Arundel County Economic Development Corporation (AAEDC), and Baltimore Community Lending (BCL) for effective distribution of these grants.

Grants awarded range from $10,000 to $50,000, enabling businesses to stabilize their operations, adapt their business models, and invest in sustaining their future. This funding covers a spectrum of industries including trucking, marine construction, HVAC services, personal care, food services, and retail.

Common Challenges Faced

As each grantee navigates their own unique circumstances, several shared challenges have emerged. Many reported increased costs due to rising fuel prices, extended commute times for workers, and supply chain disruptions that notably affected the food and retail sectors. Furthermore, decreased customer turnout and cancellations have exacerbated the struggles faced by these small businesses.

Shanaysha Sauls, President and CEO of BCF, emphasizes the importance of this support: "Providing local businesses with the resources they need to withstand an unprecedented disruption is essential for regional recovery. We value our economic development partners and the determined business owners committed to revitalizing our communities."

Community Impact and Resilience

The efforts have not gone unnoticed. For instance, LEDC has distributed 25 grants to businesses in Baltimore County, such as restaurants and logistics firms, many of which faced job cancellations and reductions in customer traffic. LEDC's CEO, Emi Reyes, acknowledged the resilience displayed by these businesses despite the tough circumstances.

Additionally, AAEDC awarded 24 grants within Anne Arundel County, following similar trends of hardship across multiple sectors. President and CEO Amy Gowan stresses that the impacts have been profound, especially as businesses are still recovering from previous COVID-19 related challenges.

BCL has successfully facilitated 17 grants in Baltimore City focused on sectors that include transportation, construction, and food services. Bonnie Crockett, Vice President and Director of BCL's Small Business Lending Division, pointed out that the aftermath of the Key Bridge collapse has caused significant hurdles, particularly to small business operations reliant on major transport routes.

Highlighted Support Stories

Prominent businesses benefiting from the grants include Smokin' Joe's Grill and Guardian Landscaping in Baltimore County, A Triple CCC Logistics and Bouncy Rentals LLC in Anne Arundel, and Strum Contracting Co. in the city. Despite facing the repercussions of the bridge collapse, these businesses are working hard to maintain their operations and serve their communities.

Mark Anthony Thomas, President and CEO of GBC, noted, "The challenges posed by the Key Bridge's collapse were severe and unexpected. Collaborating with the Baltimore Community Foundation, we can provide essential relief through this grant program, ensuring that local enterprises not only survive but thrive."

Looking to the Future

As the region moves forward, BCF and its partners will continue to assess the evolving needs of local businesses and explore additional support opportunities. The ongoing commitment to aiding the recovery is evident as the foundation aims to restore economic stability across Baltimore.

For those interested in more information about the grant program, visit BCF's official site.

About the Organizations

The Baltimore Community Foundation has played a vital role in community philanthropy for over five decades, connecting philanthropic efforts with impactful needs. The Greater Baltimore Committee works tirelessly to enhance the region's economic and civic landscape by uniting various sectors for collective growth.

In summary, these grants are more than just funds; they're a commitment to ensuring that the heartbeat of Baltimore's economic landscape — its small businesses — continues to thrive, rebuilding from the ashes of the Key Bridge collapse.