The U.S. Small Business Administration (SBA) has announced low-interest federal disaster loans for Maryland small businesses and private nonprofit organizations affected by the Empire Towers incident on July 9. These loans are aimed at helping businesses and eligible nonprofits in Anne Arundel, Baltimore, Calvert, Howard, Kent, Prince George’s, Queen Anne’s, Talbot counties, and Baltimore City that experienced economic losses due to the incident.
The loans are available for small businesses, small agricultural cooperatives, and private nonprofit organizations, including faith-based entities, that incurred financial losses directly related to the incident. However, agricultural producers and farmers are generally excluded, with the exception of small aquaculture businesses.
The SBA’s disaster declaration was prompted by a request from Governor Wes Moore on September 21. Loan amounts can reach up to $2 million, with interest rates as low as 4% for small businesses and 3.625% for private nonprofits, with terms extending to 30 years. Importantly, interest will not accrue, and payments won’t begin until 12 months after the first loan disbursement.
A Business Recovery Center has been established in Glen Burnie to assist applicants. This center, located at the Anne Arundel County Office of Emergency Management, is open Monday through Friday from 9 a.m. to 6 p.m. and Saturdays from 9 a.m. to 1 p.m. Applications can also be completed online at the SBA’s disaster website. The application deadline for economic injury loans is June 21, 2027.
