Baker-Polito Administration Announces $1 Million Emergency Loan Fund with Quick Turnaround Following Tornado Damage on Cape Cod
On July 30, 2019, the Baker-Polito Administration announced economic support for businesses with a new $1 million emergency loan fund.
- $1 million Cape Cod Small Business Emergency Loan Fund will provide emergency capital to local small businesses to assist with their operations and repairs.
- Loans are immediately available to eligible businesses i.e. Massachusetts-based businesses impacted by the tornados and severe weather of July 23, 2019 (loss must be verifiable).
- Businesses can apply for loans of $5,000 to $50,000.
- 3-year note, no payments for the first 30 days, then a 5-month moratorium on principal (interest due monthly), then 30-month of principal and interest and no prepayment penalties. Annual interest is 3%.
- One page application with quick decisions.
Massachusetts Growth Capital Corporation (MGCC) capitalized the fund and will administer it, partnering with Coastal Community Capital and the Cape Cod Chamber of Commerce for outreach and to address local needs.
Coastal Community Capital will provide assistance with the application.
An info session will be held at 8 am on Wednesday, August 7 at the Hampton Inn & Suites Cape Cod in West Yarmouth. Workshop is held in partnership with the Cape Cod, Chatham, Dennis, Harwich and Yarmouth Chambers of Commerce.
How to Apply:
Please complete the application found here. Completed applications can be sent via email to firstname.lastname@example.org with the subject line "2019 Cape Cod Small Business Emergency Loan Fund".
Click here to read the full press release!
Contact Coastal Community Capital to learn more: