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Cape Businesses Can Access Emergency Loan Fund

The Lobster Pot in Provincetown on Cape Cod is a popular summer tourist destination. The region was hit by severe weather that has impacted the hospitality industry in its peak summer season. (Jesse Costa/WBUR)
The Lobster Pot in Provincetown on Cape Cod is a popular summer tourist destination. The region was hit by severe weather that has impacted the hospitality industry in its peak summer season. (Jesse Costa/WBUR)

As Cape Cod continues to clean up from three tornadoes, Gov. Charlie Baker's office announced a $1 million emergency loan fund to help Cape businesses.

The Cape Cod Small Business Emergency Loan Fund will provide emergency capital to local small businesses to help with operations and repairs, the administration announced. Loans are available immediately for eligible businesses and no payments will be required for the first 30 days.

Baker also announced that the Massachusetts Office of Travel & Tourism will dedicate $100,000 to the Cape Cod Chamber of Commerce for a new marketing and public relations initiative to help promote Cape businesses.

"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," the governor said.

The severe weather on the Cape last week left "substantial damage" in seven communities and knocked out power to more than 50,000 businesses and homes.

Affected businesses can apply for loans between $5,000 and $50,000, and the loan is offered with a three-year note, no payments for the first 30 days, then a five-month moratorium on principal (interest due monthly), then 30 months of principal and interest and no prepayment penalties, the administration said.

For more information on applying to the loan fund, visit the Mass. Growth Capital Corporation's website.

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