HYANNIS – A $ 2 million loan fund for child care and early education has been announced by Cape Cod 5.
The loan will be administered by the local development finance institution Coastal Community Capital.
The loan pool aims to help ease the strain on child care and early childhood education services by the ongoing COVID-19 pandemic.
The bank said closures and capacity reductions have severely affected vendors who now have to rehire staff and pay other costs as reopening efforts continue.
“Providing assistance to child care and early childhood education is essential to enable a significant portion of our workforce to return to work. This program supports both working families and local businesses who rely on them to serve their customers, ”CEO Dorothy Savarese said in a statement.
Coastal Community Capital President Jeannine Marshal also stressed the need for babysitting.
“The majority of child care services are provided by small businesses that have suffered an increased burden as a result of the pandemic. Ultimately, we hope this program will improve the lives of children, families, businesses and the community in which we live and work.
Funding up to $ 2 million in loans of up to $ 50,000 each at a 7-year fixed rate of 3 percent will fund services across the region.
Cape Cod 5 also provided Coastal Community Capital with a grant of $ 10,000 for the costs of administering the loan pool.
Capital of the coastal community will process all loan requests and requests.