Funds are available under the Childcare Recovery and Retrofit Loan Program by Coastal Community Capital in partnership with Cape Cod Five Savings Bank.
Loan Program Overview:
• Use of funds: Working capital, PPE, equipment, etc.
• Loans available from $25,000 to $50,000 (but no greater than 50% of 2021 gross business revenues).
• Fixed interest rate of 3.0%.
• No prepayment penalty.
• Term of every loan will be 7 years, interest only for first 12 months and P&I thereafter.
Loan Program Conditions (does not include all conditions):
• Loans secured with UCC filing with Commonwealth.
• 20% or more ownership must guarantee the loan.
• Must be licensed by Commonwealth and municipality.
• Must be in business more than one year.
• Minimum credit score of 660.
• Profitability per tax returns required for 2021.
For more information, please contact Bill Flynn at Coastal Community Capital by calling 508-362-8608 or visit coastalcommunitycapital.org