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2019 Cape Cod Small Business Emergency Loan Fund

On July 30, 2019, the Baker-Polito Administration announced a $1 Million Emergency Loan Fund, capitalized and administered by MGCC, to bolster the continued recovery of Cape Cod following the tornados and severe weather that struck the region. The storm left substantial damage and over 30,000 businesses and private residences without power during the height of the summer season. Read the full press release here:

Baker-Polito Administration Press Release - July 30, 2019

General Terms and Conditions

  • Open to Massachusetts-based businesses impacted by the tornados and severe weather of July 23, 2019 (loss must be verifiable)
  • Loan amounts $5,000 to $50,000
  • 3-year note, no payments for first 30 days, than a 5-month moratorium on principal (interest due monthly), then 30-month of principal and interest (direct debited)
  • Annual interest rate 3%
  • Personal guarantee required of all owners with 20% or more interest in the company
  • All asset lien on business
  • No prepayment penalty
  • Ineligible businesses include companies involved in real estate investment, multi-level marketing, adult entertainment, or firearms

Approval contingent on business being profitable prior to the storm and no adverse personal credit reports 60 days past due for the first six months of 2019.

How to Apply

  • Please complete the 2019 Cape Cod Small Business Emergency Loan Fund application, found by clicking the "application" button below.
  • Completed applications can be sent to mgcc@massgcc.com with the subject line “2019 Cape Cod Small Business Emergency Loan Fund” or by mail at:

                                 Massachusetts Growth Capital Corporation

                                 Attn: 2019 Cape Cod Small Business Emergency Loan Fund

                                 Schrafft’s City Center

                                 529 Main Street, Suite 201

                                 Charlestown, MA 02129

MGCC is partnering with Coastal Community Capital and the Cape Cod Chamber of Commerce for outreach and to address local needs.

Coastal Community Capital                     Cape Cod Chamber

                     

If you have any questions, please reach us at the Emergency Loan Fund call line:  (617) 337-2815

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