$1 Million In Emergency Loans Set Aside For Cape Cod Businesses After Tornadoes
BOSTON (CBS) – Cape Cod businesses hurt by the recent tornadoes will get a helping hand through a $1 million emergency loan fund, the governor's office announced Tuesday.
Businesses needing help with operations or tornado repairs will be able to apply for loans from $5,000-$50,000. Terms of the three-year loans include no payments for 30 days and a five-month moratorium on the principal.
"We are proud to build on the immediate effort to clear roads and properties of debris and enable power restoration with this important economic aid needed for small businesses to regain their footing," Gov. Charlie Baker said.
Additionally, the Massachusetts Office of Travel and Tourism is allotting $100,000 to the Cape Cod Chamber of Commerce for a new marketing effort that will include social media posts showing that Cape Cod is open to tourists.
On July 23, two EF-1 tornadoes, with maximum wind speeds of 110 mph, touched down in Cape Cod. The first tornado touched down in Barnstable and Yarmouth, and the second touched down in Harwich. Hundreds of trees were uprooted, power was out for several days and many businesses and homes were damaged. Some businesses were closed for several days in the height of the summer tourist season, and one Yarmouth motel's roof was ripped off by the high winds.
The towns of Yarmouth, Dennis, Harwich and Chatham were especially affected by the storms.
"This weather event occurred during the busy season, having a profound impact on businesses. These loans will provide businesses with immediate working capital to continue on and keep serving their customers," said Larry Andrews, president of Massachusetts Growth Capital Corporation, which capitalized and will administer the fund.