December 19th 2008                                                                                                          Volume: 6 Issue: #20

Cape & Islands Workforce Investment Board
Weekly Update

Greetings,

Emerging 200 Graduation and
Economic Survival Expo

Save the Date-January 14, 2009
Come and join us to celebrate
the graduation of the first 20
inner city businesses to have completed e200 in Boston!

Economic Survival Expo

Find out what resources are available to help you in these
economically challenging times. Lenders, technical assistance
providers and community organizations will be available to
speak with you.

Date: Wednesday, January 14, 2009

Time: 8:30 a.m.-10:00 a.m. e200 Graduation
10:00 a.m.-12:00 noon Economic Survival Expo

Place: Tip O'Neill Federal Building
10 Causeway Street, Boston
Auditorium

Banker of the Year

Ellen Covell 

Cape Cod Five Cents Savings Bank

News Release                                     

ELLEN COVELL OF CAPE COD FIVE CENTS SAVINGS BANK RECEIVES "BANKER OF THE YEAR AWARD" FROM SEED Corp.  

The South Eastern Economic Development (SEED) Corporation presented the "Banker of the Year Award" to Ellen Covell of Cape Cod Five Cents Savings Bank at its Annual Meeting in November.  
 
Presenting the award, Maria Gooch-Smith, SEED's executive director stated, "We are very pleased to present our Banker of the Year award to a lender who has participated in the largest amount of small business loans with SEED and exemplifies the spirit of small business assistance."
 
According to Gooch-Smith, Ellen is truly committed to her customers and has worked to provide financial services to start-up and existing businesses throughout the Cape for the past thirty-six years.  She has made countless business loans in an effort to spur economic growth in a region with unique geographical limitations.  "This kind of commitment is doubly important in these economic times," added Gooch-Smith.

During the past four years, Ellen has made approximately twenty-five SBA 504 loans to assist local businesses.  A strong supporter of the SBA 504 program, Ellen believes "SBA 504 loans give small businesses the opportunity to obtain low fixed rate financing with a smaller down payment, which would not be possible conventionally."

These loans enabled small businesses in lower Cape Cod to purchase or construct buildings and finance furniture and fixtures thereby expanding and creating new jobs.  Some of her current clients include:  Breakwater Lobster and Fish Market, Brewster; Orleans Medical Center, PC, Orleans; Nauset Kennels, Inc., Eastham; Marine Restoration & Salvage, Orleans; Casa di Babbo, Inc., Harwich Port; East Orleans Deli Market, East Orleans.

Ellen Covell also dedicates her time to various charitable and non-profit organizations.  She serves on the Credit Review Committee for Habitat for Humanity and is the Treasurer of the Orleans Chamber of Commerce.  Ellen currently lives in Eastham with her husband Peter and two daughters, Allison and Sarah.

Through the SBA 504 Program, a small business can obtain up to 90 percent financing for a fixed asset project, such as a building or heavy equipment.  A bank selected by the applicant finances 50 percent of the project at conventional rates and terms.  The SBA 504 debenture provides up to 40 percent and the applicant provides the remaining 10 percent. 
 
"In these challenging economic times, SEED stands ready to assist small businesses in the region, and continues to make loans," explained Gooch-Smith.  She added that SEED's active portfolio of small business loans is now $110 million, and that SEED has received national recognition, the "2008 SBA Excellence in Lending Award", for its service to small businesses.  
 
According to Gooch-Smith, as the region's local development company for the last 26 years, SEED has made close to 1,500 loans totaling $230 million, leveraging $491 million in private funds, and helping to create close to 10,000 new jobs. 
 
SEED is a non-profit corporation certified in late 1982 by the SBA. SEED runs five loan programs and a Small Business Assistance Program.  The loan programs provide financing from $5,000 to $4 million. 
 
For more information about SEED's programs call 508-822-1020 or
visit www.seedcorp.com.

Upcoming Meetings:

• YC Executive Committee Meeting: Tuesday January 6th 9:00am WIB Office

• WIB Executive Committee Meeting: Thursday January 8th 8:00am WIB Office

• WCTF SMHP Meeting: Monday January 12th 2:15pm WIB Office

• WCTF CAMP Steering Committee Meeting: Monday January 12th 3:30pm WIB Office