Neighbor News
Cape Cod Five contribution will help address unmet needs of area small businesses
Contribution will support organization's ongoing mission of funding small businesses and creating jobs.
Centerville, MA: Coastal Community Capital is pleased to announce a $5,000 contribution from The Cape Cod Five Cents Savings Bank that will support its ongoing mission of funding small businesses and creating jobs.
The contribution will help Coastal Community Capital – a non-profit community development lender – to secure a $1 million dollar loan that will assist small businesses in the region with unmet credit needs.
“Supporting Coastal Community Capital in their efforts to provide seminars that empower businesses and help them obtain non-traditional sources of funding is an important way that the Bank invests in the future of our community,” said Robert A. Talerman, Executive Vice President at The Cape Cod Five Cents Savings Bank.
With the assistance of Cape Cod Five’s recent financial contribution, along with volunteer contributions and loan participations, Coastal Community Capital has supported over $196 million in total investment in the community and helped to create and retain over 4,000 jobs. This year, Coastal Community Capital has co-sponsored more than 35 businesses workshops as a catalyst for small business growth.
Among the more recent small businesses to utilize Coastal Community Capital as a resource is Martha’s Vineyard commercial fisherman Andrew Wheeler, who was able to purchase and retrofit the vessel ‘Sea Horse’ for his start-up fishing operation with Coastal’s support.
“Coastal Community Capital opened doors for me,” Andrew says. “They coached me through the whole process, right up to the closing.”
About Coastal Community Capital:
The Centerville-based Coastal Community Capital is a non-profit community development lender providing capital statewide. Coastal has access to an array of funding sources, including SBA 504 and 7A loans, loan guarantees, and direct lending. Coastal is certified by the U.S. Department of the Treasury as a Community Development Financial Institution and by the U.S. Small Business Administration as a Certified Development Corporation. For more information, or to apply for a loan online, visit www.CoastalCommuityCapital.org.
About The Cape Cod Five Cents Savings Bank
Founded in 1855, The Cape Cod Five Cents Savings Bank is an independent state-chartered savings bank with over $2.6 billion in assets. Through its 24 offices the Cape Cod Five offers a broad range of financial products and services to customers living on Cape Cod, the Islands and Southeastern Massachusetts. Services include consumer and commercial banking products; residential mortgages; investment management and trust services.
