The Community Development Partnership has announced the availability of forgivable loans to small businesses on the Lower Cape.
Up to $10,000 will be available to businesses with five or fewer employees, known as micro-enterprises.
Funds of $400,000 were awarded to the Town of Truro through HUD’s Community Development Block Grant program to assist small businesses affected by COVID-19 impacts.
The grant program, administered by the CDP, supports low-to-moderate income business owners and is part of the CDP’s ongoing efforts to support small business, particularly to those who have been disproportionately impacted by the global pandemic and the resulting economic crisis.
To support this program and help revitalize the local economy, 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”, said 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.”
Since the pandemic began in mid-March, the CDP has been “open for business,” CEO Jay Coburn said, providing ongoing support to the business community. Initially, the CDP helped businesses navigate the Federal Paycheck Protection Program and Economic Injury Disaster Loan programs through one on one technical support and to date has served more than 125 businesses. The CDP’s monthly e-blast, Inside Scoop, has become a weekly guide to COVID-19 assistance and resources.
Business owners who are interested in learning more about the forgivable loan program should contact Pam Andersen at firstname.lastname@example.org or call 508-240-7873, ext. 18.