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  • Cape Cod 5 Supports Local Businesses through SBA Paycheck Protection Program

    Press Release for Cape Cod 5

    FOR IMMEDIATE RELEASE: May 4, 2020
    Contact: Stephanie Dennehy for further information at sdennehy@capecodfive.com


    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

    Hyannis, MA – 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.

    About Cape Cod 5
    Founded in 1855, Cape Cod 5 is an independent state-chartered financial institution with over $3.6
    billion in assets. Through its 26 offices, Cape Cod 5 offers a broad range of financial products and
    services to customers living and working on Cape Cod, Martha’s Vineyard and Nantucket and in
    Southeastern Massachusetts communities. Products and services include consumer and commercial
    banking products; residential mortgages; investment management and trust services. Member FDIC.
    Member DIF. Equal Housing Lender. NMLS #401717.

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