Martha's Vineyard Bank's Response to Covid-19
Martha's Vineyard Bank and Charitable Foundation Grants and Donations
$625,000 of relief funds will be disbursed from Martha's Vineyard Bank and the Martha's Vineyard Bank Charitable Foundation for the needs of Martha's Vineyard and Falmouth. Of this, $150,000 will be distributed immediately to fund our community's emergency needs, with another $350,000 for needs yet unknown, to be distributed over the next two months. An additional $125,000 will be used to create and fund a "Lift Certificates" program to boost short-term revenues for local small businesses.
We conferred with leading community organizations to get a sense of what is needed immediately. Our decision to earmark a significant portion of the funds for future dispersal is an effort to balance the need for immediate, emergency relief with the longer-term needs of the community as the true impact of the pandemic becomes known.
Our efforts are outlined in an open letter to the community, written by Martha's Vineyard Bank President and CEO, James M. Anthony.
Tank Talk - Martha's Vineyard Bank's Response to the Covid19 Crisis
Martha's Vineyard Bank President and CEO, James M. Anthony, talks to Bob Tankard about Covid19 and what the government and Martha's Vineyard Bank are doing to help.
Total of Charitable Foundation Donation
$500thousand.
Total Amounts Given
- Family and Child Assistance ($96,138)
- Food and Essential Items ($132,500)
- Emergency Housing ($57,000)
- Senior Support ($37,000)
- Non Profit Sustainability ($17,808)
- COVID-19 Testing Total ($100,000)
Total Distribution: $440thousand.
Family and Child Assistance ($96,138)Childcare assistance for emergency workers, personal care items for babies and children, baby food and formula. |
| Community Healthcare center of Cape Cod |
| Vineyard House |
| YWCA Cape Cod-Falmouth Hospital Campus |
| MV Community Services |
| Falmouth Service Center |
| Corona Stompers |
| MV Youth Early Childcare Emergency Fund |
| Boys & Girls Club MV |
| MV Youth Hockey Program |
Food and Essential Items ($132,500)Groceries for families in need, lunches for children, fresh locally grown produce support. |
| Falmouth Farming |
| Island Food Pantry |
| Falmouth Farmer's Market |
| Falmouth Service Center |
| Island Grown Initiative |
| Vineyard Committee On Hunger |
Emergency Housing ($57,000)Housing for emergency workers, domestic abuse victims, and assistance for those in need. |
| Falmouth Service Center |
| Harbor Homes: Dukes County homeless prevention services (Martha's Vineyard) |
| We Can |
| Harbor Homes: Dukes County homeless prevention services (Falmouth) |
| Belonging To Each Other |
| Salvation Army (Falmouth) |
| Salvation Army (Martha's Vineyard) |
Senior Support ($37,000)Transportation services, delivered meals, prescriptions, personal care items, groceries and heat assistance. |
| Neighborhood Falmouth |
| Elder Services CC&I |
| Falmouth Senior Center |
| Friends of Edgartown Council on Aging |
| Friends of Oak BluffsCouncil on Aging |
| Friends of Tisbury Council on Aging |
| Friends of Up Island Council on Aging |
| MV Center for Living |
Non Profit Sustainability($17,808) |
| Vineyard Trust |
| Sail MV |
| MV Museum |
| MV United Soccer |
| Friends of MVY Radio |
COVID-19 Testing($100,000) |
| Island Healthcare COVID-19 Testing |
"Lift Certificates" to Support Our Local Small Businesses
Over the past few weeks, altruistic individuals in our community have purchased gift certificates to support their favorite local restaurants, salons, stores, and more. Inspired by this community action, Martha's Vineyard Bank has created a program designed to simplify the purchase and distribution of certificates and increase revenue for local businesses.
"Lift Certificates" is up and running, to date, generating nearly $100,000 of immediate relief for local businesses. To participate go to the "Lift Signup" page. Martha's Vineyard Bank is matching the discount from issuing businesses, up to 20%, and assumes the full cost of setting up and running the service.
So, for example, a $100 certificate is being offered for $60, with $20 as a discount from the business and $20 paid by the Bank. The customer will receive a significant discount, but the true benefit to our community is the $80 the business will receive immediately. Each Lift Certificate provides a boost for your local business, a boost that will arrive right when it is needed most...now.
The Lift Certificates Program simplifyies this process, facilitating existing community action, and, through the Bank subsidy, inspires a greater number of people to participate. Furthermore, we are a community bank, and the program lets our community decide how relief funds are allocated.
Relief for Families and Individuals
Our commitment to serve our community's families has never been stronger, and Martha's Vineyard Bank is providing financial relief through:
- Mortgage payment deferrals
- Extended branch hours to answer questions and concerns
- Credit cards with 0% interest for 6 to 12 months,
- ATM cash withdrawal limits increased to $1,000 per day
- Same-day availability of ATM deposits
- Check fee waivers on an as-needed basis,
- ATM, transfer and late payment fee waivers
- Increased mobile deposit limits to $5,000 per day
Relief for Small Business
The small businesses of Martha's Vineyard and Falmouth are the cornerstone of our local economy. From the Paycheck Protection Program outlined in the CARE Act, to SBA disaster recovery loans, to streamlined documentation for more typical loans, Martha's Vineyard Bank is committed to our vital small businesses. We encourage local businesses to utilize our website to keep pace with the rapidly changing landscape of options, and to initiate the solutions that fit their needs.