GROSSMAN TOURS FALMOUTH DAYCARE AIDED BY LOAN FROM CAPE COD FIVE THROUGH STATE’S SMALL BUSINESS BANKING PARTNERSHIP
Family Leadership Continues at Little Kids, Inc. Thanks to Loan Leveraged by the Small Business Banking Partnership
Treasurer Grossman visits Little Kids, Inc. in Falmouth.
Treasurer Steven Grossman today toured Little Kids, Inc., a North Falmouth childcare center that was a recipient of a $400,000 loan made by The Cape Cod Five Cents Savings Bank leveraged through the Treasury’s Small Business Banking Partnership. The loan financed the transfer of the facility from its long-time husband and wife operators to their daughter and her husband.
“As the former head of a fourth generation family business, I appreciate the pride, confidence, and optimism felt by the prior owners in passing the operation of Little Kids, Inc. on to the next generation, and I’m delighted that the Small Business Banking Partnership played a part in making this transfer a reality,” said Grossman. “Throughout my travels across the state, I continually see great stories like this one, where the Partnership is creating jobs, opportunity, and prosperity for the citizens of the Commonwealth.”
The Small Business Banking Partnership moves Treasury cash reserve funds typically held by large national and international financial institutions and deposits them in amounts of up to $10 million in Massachusetts banks. In exchange for the infusion of new deposits, the banks sign a Memorandum of Understanding (MOU) signaling their intent to enhance their loan portfolios to small credit-worthy Massachusetts businesses.
Little Kids, Inc. had been owned and operated by the husband and wife team of Cubby and Dianne Gummow for 30 years. Looking to wind down their involvement in the facility, the couple agreed to sell it to their daughter and her husband, Tammy and Greg Inman. Importantly, the loan the Inmans received from Cape Cod Five Cents Savings Bank allowed a well-respected childcare center to continue to operate in the Falmouth area under second-generation leadership.
“Being able to carry on our family business has always been a dream of mine, and without the help of Cape Cod Five, this may not have been possible,” said Tammy Inman, co-owner-operator with her husband Greg. “Little Kids Inc. has been a huge part of my life, but more importantly it has been a place where hundreds of children have learned, played, built friendships, and made memories. Greg and I came to school here together for preschool, and now our friends we grew up with bring their little ones to school! We are a successful small business that has not only provided jobs, but has allowed families to go to work, knowing their children are being well cared for. Small businesses need banks like Cape Cod Five, who believe in the work we do, the hard work we have put in to get where we are, and the efforts we will continue to make to live the “American dream.”
Founded in 1855, The Cape Cod Five Cents Savings Bank presently has over $2 billion in assets. With 20 offices throughout the Cape and Islands and surrounding areas, the Bank provides a broad range of financial products to meet both individual and business banking needs. The Cape Cod Five Cents Savings Bank also has a strong commitment to its community. In addition to many other community focused activities, through sponsorships and philanthropic giving by the Bank and its namesake Charitable Foundation, Cape Cod Five committed over $800,000 to the support of various non-profits throughout the Cape and Islands and surrounding areas in 2011.
“We were delighted to be able to provide the loan that allowed the Inmans to take over ownership of the business. The Small Business Banking Partnership program has been a success at Cape Cod Five. We applaud Treasurer Grossman who was instrumental in creating this unique and beneficial program which truly helps many small business owners in our state” said Dorothy A. Savarese, President and CEO of the Cape Cod Five Cents Savings Bank.
Little Kids, Inc. cares for a total of 85 children ranging from infants and toddlers to pre-school and pre-kindergarten attendees. There are 12 employees, with most having been there for over five years.
All deposits that the Treasury makes in community banks through the Partnership are protected through either insurance or collateral, and the interest rate earned on the deposits is comparable to what the Commonwealth receives at out-of-state financial institutions.