Lower Cape Businesses Offered Forgivable Loans

EASTHAM – The Community Development Partnership has announced that they are awarding forgivable loans of up to $10,000 for local businesses with five or fewer employees.

The grant program, administered by CDP, supports low-to-moderate income business owners and is part of the CDP’s ongoing efforts to support small business.

Funds of $400,000 were recently awarded to the Town of Truro through HUD’s Community Development Block Grant program to assist small businesses affected by COVID-19 impacts.

The CDP has been awarded $20,000 from the Cape Cod Foundation to continue its small business recovery efforts through workshops, technical assistance and access to capital.

“The work of the Community Development Partnership in supporting our local small businesses as they recover from the impact of the COVID-19 pandemic is essential”, stated Kristin O’Malley, President and CEO of The Cape Cod Foundation.

“We are honored that we can support their efforts to help revitalize our local economy.”

The CDP has helped businesses navigate the Federal Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) programs through one on one technical support and to date has served over 125 businesses.

“The Cape Cod Foundation’s support is very much appreciated and is helping us to leverage $400,000 in relief for our region’s most vulnerable small businesses,” said CDP CEO Jay Coburn.

Business owners who are interested in learning more about the forgivable loan program should contact Pam Andersen at [email protected] or call 508-240-7873 x18.

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