After the collapse of the Francis Scott Key Bridge, it became clear that businesses on both sides of the river would face long-term economic challenges.
PNC Bank is currently assisting in any way it can. But is that enough? We took the time to talk to a variety of stakeholders and listen to their views.
First up is Alex. He runs the Hard Yacht Cafe on the estuary of Lynch Cove in Dundalk. When the bridge collapsed, he did what small business owners do best. He turned.
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Alex said that previously the cafe was mainly open seasonally. “A lot of our business was from around April to October. Now we have to convert to a year-round business.”
This winter, customers can drive through the winter-shrouded yacht caves to this little hideaway. It’s a local favorite.
“We have people from all walks of life here. This is a local community with a lot of investment. So many people who live between Sparrows Point, Dundalk, Essex and Middle River know that this is the place. It’s their home.”
“They come here all the time. But during the summer, we have a lot of transients. So we have people on boats. They come here from Pasadena, Annapolis, to Havre de Grace. I mean, they’re all over there during the summer. ”
He is investing in converting the patio space into a covered heated area to increase the cafe’s square footage. He’s betting this investment will help his business survive.
At least for now. “We’re looking at it month by month to see how we can make it work.” Alex said he felt his revenue was down 9% in the immediate aftermath of the bankruptcy. And he and his wife had just bought the business 11 days before it went bankrupt. So imagine the burden on these business owners.
He applied for SBA funds as they became available. Only one-third of the application was approved, and the money has not yet been disbursed. He said to truly help businesses in affected areas, aid must be provided quickly and sustained until bridges are rebuilt.
PNC Bank’s regional president recognizes this need.
“This is a huge financial crisis for our region, so we wanted to step in and do something.” PNC Bank Foundation donated $145,000 to two programs to support small businesses. did.
“We knew that these small businesses, especially what we call micro-businesses on both sides of the bridge, were really affected by that because they depended on that traffic flow.”
That flow not only affects how customers reach those businesses, but also the commutes of the people who work there. Most employees were commuting to work for just 30 minutes before the collapse, Alex said. It currently takes an hour to an hour and a half to drive around the area.
To help businesses reopen, funds from the PNC Bank Foundation were split between CCBC and the Greater Baybrook Alliance. CCBC, which received a $95,000 grant, is currently assembling an eight-week group of business owners who are currently developing a strategic plan.
Across the river in the Greater Baybrook Alliance, we’re also seeing changes in transportation jeopardize small businesses across the river. “Some people can’t come here because the roads are even more congested, and some people have a really hard time getting here,” said Meredith Chalken, who founded the nonprofit. She says the area she serves is not considered a walkable area.
And since the collapse, there has been a noticeable increase in the number of large trucks traveling through the Main Street area. Her group is using the $45,000 it received from the bank to help with facade upgrades, permits, business plans and more for the business.
They are also grappling with how to manage traffic growth. “There’s a lot of noise pollution… you hear *truck horns*, so we’re making sure that our industry and the trucks that support that industry can move around our neighborhoods without bothering local people. We’re trying to find a different way for Main Street businesses and the people who live here.”
Although these may be considered transit districts, there is a lot of business happening here. Laura gave us some insight.
“Small businesses are truly essential to our economy. They employ more than half of the U.S. workforce and accounted for 70 percent of net new business since 2019. So small businesses are truly essential to our economy. It’s important.”
No matter which side of the old bridge you are on, it is clear that flexibility and business support will need to continue over the long term.
For Alex, he sees the strength of the community coming together to help each other.
“I think we need to unite minds. I think businesses in this region need to break down barriers and help solve this problem… Entrepreneurs and business owners, there’s no shortage of ideas. I think we can help each other. “He also said he would like to see state and local governments do what they can sooner.
He’s not looking for a handout. He said the loans made available by the SBA are loans that need to be repaid, but it takes too long to actually get that money.
The PNC Bank Foundation will support some of the work for both him and Meredith. “This is a huge increase in resources for us. It’s going to make a huge difference for these communities.”
If you are a small business in an affected area, please contact CCBC here for information about the Building Bridges to Recovery: Strengthening Dundalk’s Business Community initiative. Contact Moire Riley at mriley@ccbcmd.edu or the Greater Baybrook Alliance. Check out the types of resources available.
