Cape Cod 5 Supports Local Businesses through SBA Paycheck Protection Program
Between both rounds of funding made available by the Treasury and the SBA, Cape Cod 5 has been able to secure funds for 2,065 businesses on Cape Cod, the Islands and in Southeastern Massachusetts
Since the U.S. Treasury and Small Business Administration (SBA) originally released the details of the Paycheck Protection Program (PPP), as part of the Coronavirus Aid, Relief and Economic Security (CARES) Act, Cape Cod 5 has assisted over 2,000 local businesses to obtain authorization of funds from the SBA, a number that represents 100% of the completed PPP applications that Cape Cod 5 has received to date. By the Bank’s estimates, this will help local businesses retain and continue to pay over 10,000 workers in our region.
As an Approved SBA Lender and a community bank committed to serving its customers and communities, the Bank started accepting loan requests and submitting them to the SBA on Friday, April 3 – the first day that initial funds became available as part of the program. Cape Cod 5’s investment in technology, leveraging of strategic partnerships, and focus on agile processes allowed it to quickly adapt to serve this emergent need. The Bank has since processed applications from a variety of business types and sizes, which are representative of the landscape of businesses in its market that drive the local economies. Illustrative of this, 60% of the approved loans that Cape Cod 5 has facilitated for funding are for loan amounts under $50,000, with SBA funding being obtained for loans as small as $600.
“We at Cape Cod 5 realize that our small businesses are the lifeblood of our economies on the Cape, Islands and in Southeastern Massachusetts,” said Dorothy Savarese, Chair & CEO of Cape Cod 5. “Many of them have been adversely affected by this pandemic in ways entirely beyond their control. This is why we felt it was our responsibility to participate in the Paycheck Protection Program, and work quickly and prudently to get much-needed funds in the hands of our local businesses.
“Our team has worked tirelessly – literally around the clock – throughout this entire process to ensure that we were able to assist as many of our customers as possible. And we will continue to stand as their trusted financial partner during these unprecedented circumstances, just as we have throughout the Bank’s 165 year history.”
Cape Cod 5 continues to receive PPP applications and work with its customers on completing the submission of required information in order to submit to the SBA and get funds earmarked for them, as long as the program is available and funded.
For more information on Cape Cod 5’s COVID-19 response and support efforts, visit www.capecodfive.com/coronavirus.