GLEN BURNIE, MD — Federal disaster loans geared for business owners impacted by the Empire Towers closure have been approved, Maryland Gov. Wes Moore announced Tuesday.
The approval comes days after Moore announced that he'd tapped the U.S. Small Business Administration for low-cost loans that would allow owners to rebuild.
"This SBA assistance means critical resources are available for eligible businesses as they navigate the economic impacts of this incident," Moore said in a statement.
"In the face of emergency, our administration is committed to ensuring Maryland communities have access to the tools and support they need during times of disruption."
The Glen Burnie office building has been closed for months after unpermitted construction work in the underground garage left the Empire Towers structurally compromised.
News of the federal approval comes amid reports that nearly half of the stranded cars are eligible for removal from the parking garage. CBS Baltimore reported that the process came underway Monday, with 19 being removed by Tuesday.
The disaster loans are available for up to $2 million and carry interest rates as low as 4% for businesses, with terms of up to 30 years, according to the release. For nonprofit groups, interest rates are listed at 3.625%.
Business owners do not need to provide evidence of physical damages to be eligible for the aid, and are not required to make payments during the first 12 months after disbursement.
No interest accrues during the initial 12-month phase.
Starting Thursday, officials will be opening an outreach center at the Anne Arundel County Office of Emergency Management to assist business owners through the application process.
Located at 7480 Baltimore Annapolis Blvd. in Glen Burnie, the office will be open from 9 a.m. to 6 p.m. Monday through Friday, and from 9 a.m. to 1 p.m. on Saturday. The facility will be closed Sunday.
The center will operate until Oct. 9 at 5 p.m.
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