HYANNIS – Cape Cod 5 has assisted over 2,000 local businesses to obtain authorization of funds from the Small Business Administration.
The assistance is part of the U.S. Treasury and the SBA Paycheck Protection Program aimed at helping people impacted by COVID-19.
The bank has completed 100 percent of the PPP applications it has received to date.
Officials from Cape Cod 5 estimate the money will help local businesses retain and continue to pay over 10,000 workers in the region.
As an approved SBA lender and a community bank, Cape Cod 5 started accepting loan requests and submitting them to the SBA last month on the first day initial funds became available as part of the program.
Cape Cod 5 was able to quickly adapt to serve this need and has since processed applications from a variety of business types and sizes.
60 percent of the approved loans that the bank 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 Southeastern Massachusetts,” said Dorothy Savarese, Chair and 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.”
Cape Cod 5 is continuing 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.
“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,” said Savarese.
“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.”
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