HYANNIS – A 2$ million loan fund for child care and early education providers has been announced by Cape Cod 5.
The loan will be administered by local development financial institution Coastal Community Capital.
The loan pool aims to help alleviate the strain that has been put on child care and early education services by the ongoing COVID-19 pandemic.
The bank said that closures and capacity reductions have severely impacted providers that are now faced with rehiring staff and paying other costs as reopening efforts continue.
“Providing assistance to child care and early education providers is vital to enabling a significant portion of our workforce to go back to work. This program supports both working families and the local businesses who rely on them to serve their customers,” said CEO Dorothy Savarese in a statement.
President of Coastal Community Capital Jeannine Marshal also emphasized the need for child care.
“The majority of child care is provided by small businesses who have suffered increased burdens due to the pandemic. Ultimately, we hope this program will improve life for the children, families, businesses and community we live and work in.”
Funding up to $2 million in loans of up to $50,000 each at a 7 year fixed rate of 3 percent will provide funding for services across the region.
Cape Cod 5 has also provided Coastal Community Capital with a $10,000 grant for the costs of administering the loan pool.
Coastal Community Capital will handle all loan inquiries and applications.
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