We’re proud of how we have been able to help so many people and businesses, with the first two rounds of SBA Paycheck Protection Program (PPP) funding, and we want to turn our sights to the future.
We led the way among Cape Cod banks by advancing the highest percent of PPP loans, and ranking #1 among banks of our size*. While some banks opted out of the Small Business Administration’s Paycheck Protection Program (PPP), our participation helped small businesses retain over 15,000 jobs on the Cape, which was a lifeline for many of these businesses and employees. While many of the borrowers were existing business clients, we were also able to help many new business clients that weren’t happy with the service they received at other banks. By the numbers, we provided over $76 million in loans to 906 businesses! And yet, even as we know the value of online banking, especially in this time of social distancing, The Coop’s primary focus remains on providing that personal connection with experts who understand our clients are not mere numbers on a ledger but people with individual needs and aspirations.
Let Us Help You
Recently, Congress passed a new relief bill that includes $284 billion in new funding for the SBA Paycheck Protection Program to provide a second draw of PPP loans to eligible businesses. Many of the businesses on the Cape that benefitted from the first draw of PPP funding may qualify for a second draw of PPP funding.
When Can I Apply?
Once the details are finalized and the SBA has offered their final guidance, we will communicate to you everything we know, including best practices to make the application process as smooth as possible. We are working closely with our technology partner to make sure applications are available online as soon as possible after the program details are finalized and the SBA is ready to begin receiving applications. Please stay tuned for more information.
If you have any questions or concerns, please reach out to your Commercial Relationship Manager or Branch Manager – Small Business Specialist. As we have been throughout the pandemic, we’re here to help our customers through this next phase.
We make it easier for businesses, to apply for the SBA’s PPP funding
As an SBA Preferred Lender, The Coop has helped more than 900 local businesses thus far with PPP funding, and in doing so, has helped to save over 15,000 jobs.
We’re Ready to Help Cape Cod Businesses ‘ReCOOP’
“When our business needed help, we turned to The Coop. Without the personal attention and caring from The Coop team, our business wouldn’t be open and our employees would be out of work,” says Kate Corliss, co-owner of Old Kings Coffeehouse, 44 Main St. (Route 28) in West Yarmouth.
Supporting Your Business
Growing a business takes drive, determination, dedication … and a supportive financial partner. Bike Zone Owner Tim Alty teams up with The Coop for our personal attention and expertise. That’s what you can expect from us – along with every business banking service you need. Plus a Small Business Specialist in every branch.
*According to Banker & Tradesman, August 10th, 2020 edition – Financial First Responders – Massachusetts’ Top PPP Lenders, Ranked