Cape Cod Businesses Get Aid From Post-Tornado Loan Fund

CAPE COD, MA — State officials on Tuesday announced a new $1 million emergency loan fund and supplemental funding to provide aid to small businesses on Cape Cod impacted by last week's tornadoes. The severe weather caused substantial damage across seven Cape communities, leaving over 45,000 businesses and residences without power at the height of the summer season.

"As the recovery process continues through the region, our administration remains committed to supporting Cape Cod’s small business and tourism sector during this difficult time," Gov. Charlie Baker said in a statement. "We are proud to build on the immediate effort to clear roads and properties of debris and enable power restoration with this important economic aid needed for small businesses to regain their footing."

The Cape Cod Small Business Emergency Loan Fund will provide emergency capital to local small businesses to assist in operations and repairs. Loans are immediately available to eligible businesses with no payments for the first 30 days. Massachusetts Growth Capital Corporation (MGCC) capitalized the fund and will administer it, partnering with Coastal Community Capital and the Cape Cod Chamber of Commerce for outreach and to address local needs.

“Coastal Community Capital is pleased to partner with MGCC to provide quick access to low cost capital for businesses impacted by the storm," Jeannine Marshall, president of Coastal Community Capital, said in a statement. "The region is at the height of its season and we join MGCC and the Baker-Polito Administration in wanting to ensure that all impacted businesses have the resources needed for success during this critical economic period."

The Massachusetts Office of Travel and Tourism also announced $100,000 in funding to the Cape Cod Chamber of Commerce for a new marketing and public relations initiative. Funds are for the development of consistent communication regarding the status of business, the availability of accommodations and house rentals and the distribution of factual information about the safety of Cape Cod as a destination for tourism.

The funding enabled the Cape Cod Chamber to launch an immediate marketing effort Friday morning and will support a variety of tactics including public relations, digital marketing, and social media posts of current photos and information showing the Cape is open for business, officials said.

"We are extremely grateful to the Baker Administration for the very quick response to the Cape’s needs in light of last week’s storm," Cape Cod Chamber CEO Wendy Northcross said in a release. "Their strong support was made tangible in many ways, including the immediate funding of a loan program to support business during the critical peak season, which is so important to help maintain a year-round business, as well as the immediate funding of a marketing campaign to support summer business."

Cape Cod Tornado Coverage

• Asbestos Discovered At Cape Cod Hotel Hit By Tornado
• Cape Cod 'Open For Business' Days After Tornadoes Rip Through
• Tornado Wreaks Havoc On Cape Cod; State Of Emergency Declared
• National Guard Ready, More Resources Needed
• Cape Cod Power Slowly Being Restored, Still 30,000+ Without