Area businesses pivot to stay alive after the collapse of the Key Bridge

In the wake of the Francis Scott Key Bridge Collapse, it became abundantly clear any business on either side of the river would face a long period of economic challenges.

Now PNC Bank is doing what it can to help. But is it enough? We spent some time talking to various stakeholders to get their thoughts.

First is Alex. He owns the Hard Yacht Cafe at the mouth of Lynch Cove in Dundalk. When the bridge collapsed, he did what small business owners do best. He pivoted.

Alex says before the cafe was primarily a seasonal business. “So much of our business came in from April through about October. Now we have to turn ourselves into a year-round business.”

This winter, customers can drive through the winter-wrapped caverns of yachts to this little hideaway. It’s an area favorite.

“We have all walks of life here. It’s a heavily invested local community. So so many folks that live between Sparrows Point, Dundalk, Essex, Middle River, this is their home.”

They come here all the time. Throughout the summer, however, we get a lot of transients. So people who are out there boating. They come here from Pasadena, Annapolis, all the way up to Havre de Grace.

I mean, they’re all over the place during the summer.” He’s investing in converting his patio space into a covered, heated area to increase the cafe’s footprint. He’s betting the investment will help his business survive.

At least for now. “We’re just taking it month by month to see how we can make it work.” Alex says they felt a nine percent loss of revenue immediately after the collapse. And he and his wife had just bought the business eleven days before the collapse. So imagine the strain on these business owners.

He applied for the SBA funding that was made available. He says he was approved for only a third of what he asked for, and that money has yet to be paid to him. He says to truly help the businesses in the effected area, help needs to come fast and last until the bridge is rebuilt.

Regional President of PNC Bank is aware of this need.

“This being a big financial crisis for our region, we wanted to step in and do something.” The PNC Bank Foundation has given $145,000 toward two programs that help small businesses.

“We knew that those small businesses, especially what we would call microbusinesses on both sides of the bridge, were really impacted by that because they depended on that traffic flow.”

That flow effects not only customers paths to those businesses but the commute of the people who work for them. According to Alex, the commute most of his workers had pre-collapse was only thirty minutes. Now it’s between an hour and an hour and a half to drive around the area.

To help get business flowing again, the money from the PNC Bank Foundation was split between CCBC and the Greater Baybrook Alliance. CCBC, who received $95,000 of the grant, is assembling an eight-week cohort of business owners still trying to figure out a strategic plan.

Across the river, the Greater Baybrook Alliance also sees the traffic shift that has put microbusinesses on that side of the river in a tight spot. Meredith Chaulken, who founded the non-profit, explains, “There’s a combination of like some folks can’t come and then others it’s really hard to get here because the roads are more congested.” She says the area she serves isn’t considered a walking-friendly area.

And since the collapse, there has been a noticeable increase in the number of large trucks traveling through their main street areas. Her group is using the $45,000 they received from the bank to help with things like upgrades to business facades, permitting, and business plans.

They are also working on how to manage the increase in traffic. “There’s a lot of noise pollution…* truck honks * as you can hear. So we’re trying to explore other ways to allow the industry and trucks that are supporting industry to move through the neighborhood without being as disruptive to the local main street businesses and people who live here.”

These might be considered pass-through neighborhoods, but there is a lot of business that happens here. Laura gave us some insight.

“Small businesses are really essential to our economy. They employ over half the workforce in the US; they account for seventy percent of the net new business since 2019. So they’re really critical.”

It’s clear that whichever side of the former bridge you’re on, flexibility and business aid need to continue for the long haul.

For Alex, he sees strength in the community coming together to help each other.

“I think you need a mind meld. I think that companies around here need to break down the barriers and work together on solving this problem…Entrepreneurs and business owners, they have no shortage of ideas, and I think we can help each other.” He also said he hopes state and local governments do what they can do faster.

He’s not looking for a handout; the loans that were made available by the SBA are loans that need to be paid back, but he said actually getting that resource in hand is taking far too long.

For both he and Meredith, the PNC Bank Foundation will help with some of the work. “It’s a significant boost of resources for us. It’ll make a big difference to these communities.”

If you’re a small business in one of the effected areas, reach out to CCBC here for information about the “Building Bridges to Recovery: Strengthening Dundalk’s Business Community” initiative, contact Moire Riley a mriley@ccbcmd.edu or Greater Baybrook Alliance to see what kind of resources they have available.