The Baltimore Community Foundation (BCF), in partnership with the Greater Baltimore Committee (GBC) and three local community development organizations, has launched the Key Bridge Small Business Direct Grant Program to provide financial relief to businesses severely impacted by the Francis Scott Key Bridge collapse. Funded by BCF’s Maryland Tough Baltimore Strong Key Bridge Fund, the initiative prioritizes businesses in Southeastern Baltimore City, Southeastern Baltimore County, and Northern Anne Arundel County.
The grant program, which opened for applications on February 18 and runs through March 20, offers grants ranging from $10,000 to $50,000 to stabilize operations, help businesses pivot, and support long-term viability. A 30-day review period will follow the application deadline.
“As the backbone of our communities, small businesses in the impacted communities have felt immense financial strain since the Key Bridge collapse,” said BCF President and CEO Shanaysha Sauls. “This program is designed to give them the working capital they need to adapt and continue contributing to the economic vitality of our region.”
Funding and Background
Established within 48 hours of the Key Bridge collapse, the Maryland Tough Baltimore Strong Key Bridge Fund has raised $16 million from national, regional, and local businesses and individual donors. The fund has provided cash assistance to Port of Baltimore workers, charitable organizations, and community programs supporting those affected. The latest phase shifts focus to direct small business support.
“The collapse of the Francis Scott Key Bridge on March 26, 2024 significantly affected small businesses throughout the impacted areas of Baltimore City, Baltimore County, and Anne Arundel County” said GBC President and CEO Mark Anthony Thomas. “The establishment of today’s Key Bridge Small Business Direct Grant Program will be instrumental in supporting the small businesses and healthy commercial corridors that are central to a strong regional economy.”
Eligibility and Application Process
Eligible businesses must demonstrate financial impact from the bridge collapse and meet the following criteria:
- Located in Southeastern Baltimore City, Southeastern Baltimore County, or Northern Anne Arundel County.
- Operational for at least two years as of March 26, 2024, with a minimum annual revenue of $50,000 in one of the prior two years.
- Provide a 2023 profit and loss statement, a year-end 2024 balance sheet, and a 2024 profit and loss statement.
- Employ at least two people, including the owner(s).
Businesses must apply through designated partner organizations, which will assist applicants in English and Spanish:
- Anne Arundel County Economic Development Corporation (AAEDC) – for businesses in Anne Arundel County.
- Baltimore Community Lending (BCL) – for businesses in Baltimore City.
- Latino Economic Development Center (LEDC) – for businesses in Baltimore County.
Continued Support for Small Businesses
In addition to direct grants, BCF continues to support small business development through other funding initiatives. In September 2024, BCF and GBC launched a technical assistance program to help small businesses build capacity. Nonprofits offering these services are encouraged to apply for funding at bcf.org/keybridgesmallbusiness.
Governor Wes Moore praised the initiative, stating, “IIn Maryland, we move mission-first, people-always. After the collapse of the Key Bridge, we worked in partnership with leaders across the public and private sectors and all levels of government to protect and uplift our small businesses. And today, we take another step forward in our commitment to that pledge.”
For more information on the Key Bridge Small Business Direct Grant Program and application details, visit bcf.org/keybridge-directgrant-smallbiz.
This article, “Baltimore Community Foundation Launches Grant Program for Key Bridge Collapse Recovery” was first published on Small Business Trends
Source: Small Business Trends
