SBA approves request for disaster loans, opens center to help Empire Tower businesses

The U.S Small Business Administration has approved Gov. Wes Moore’s request to provide economic disaster loans to businesses affected by the partial collapse of the Empire Towers in Glen Burnie.

Anne Arundel businesses “were profoundly impacted by the structural emergency at Empire Towers,” Moore said in a statement Tuesday. He added that the SBA’s financial assistance will help the owners navigate the economic fallout from the incident.

The 10-story office building at 7310 Ritchie Highway closed in July after unpermitted construction work compromised the underground parking garage, leading to the evacuation of about 100 people. On Thursday, Moore sought a declaration from the SBA to make low-cost loans available to the businesses suffering revenue losses due to the closure of the building, which was built in 1975.

“Economic impacts from emergencies can extend beyond physical damage and affect the ability of businesses to operate,” said Russell Strickland, the state’s emergency management secretary, in a statement.

The SBA will open a Disaster Loan Outreach Center on Sept. 24 to help the businesses access the funds.

Representatives will be available to answer questions about eligibility and assist in the application process at the Anne Arundel County Office of Emergency Management, 7480 Baltimore Annapolis Boulevard.

The center, which will operate through Oct. 9, will be open from 9 a.m. to 6 p.m. Monday through Friday. It will also operate from 9 a.m. to 1 p.m. on Saturday.

No proof of physical damage is necessary to access a loan, which can be used for operating expenses ranging from payroll to utilities. The disaster loans are available for up to $2 million, with interest rates as low as 4% and terms extending up to 30 years. Interest will not accrue, and no payment is required for the first year after the funds are disbursed.

County Executive Steuart Pittman said the center will be a critical asset for connecting the business owners to resources.

“I’m grateful to Governor Moore, the SBA, and our state and local partners for working together and stepping up to help business owners meet their needs,” Pittman said.