Organizations like Cape Cod 5 sign on to be our Mission Supporters because they know how important small businesses are to Cape Cod, and they want to support the work we do to communicate that importance to our community.
They too work hard on behalf of our local businesses every day, and this was no more evident than over these last two months as the global pandemic has hit our business community hard financially.
When the Small Business Administration launched the Paycheck Protection Program as a way to keep people in business and employed – a lifeline for small businesses – they made banks across the country the conduit for dispersing the money. The monies available for the program ran out very quickly, and many, many small businesses were left out.
But nationwide data shows that a significantly larger number of federal relief dollars reached small businesses in communities where local banks comprised a greater share of the market, compared to those localities where big banks are more dominant.
And Cape Cod was no exception.
Cape Cod 5, the Cape’s largest local bank, started accepting applications to the PPP program the day the funds became available and their team worked around the clock in order to assist over 2,000 local businesses of all types and sizes obtain over $195 million from the SBA – 100% of the completed PPP applications that Cape Cod 5 received. By the Bank’s estimates, this will help local businesses retain and continue to pay over 10,000 workers in our region.
They did this because they are immersed and invested in this community and they know that “our small businesses are the lifeblood of our economies on the Cape.”