In response to the recent bridge collapse, the Small Business Association (SBA) quickly established its first Business Recovery Center to assist those affected by the disaster. In an update provided on Friday, it was reported that three centers have been opened, including a permanent location, and a total of 59 loans amounting to $34 million have been distributed to businesses. Despite these efforts, the SBA acknowledges that more can still be done, particularly in underserved communities.
Dilawar Syed, Deputy Administrator of the SBA, emphasized the importance of reaching all communities in need of assistance. He highlighted the diverse language and cultural needs of those affected by the bridge collapse, including Spanish-speaking individuals from different parts of South America. The SBA is committed to addressing these specific needs and ensuring that no community is left behind in the recovery process.
To further support businesses that were not successful in obtaining a loan, the SBA is launching a reconsideration campaign with a deadline of December 30 for applications. This initiative aims to provide additional assistance to those who may have been initially overlooked or faced challenges in the loan application process. More information on the recovery centers and the loan reconsideration campaign can be found on the SBA’s website.