Martha’s Vineyard Bank has launched a “Lift Certificates” store in an effort to help small businesses on the Island and in Falmouth. The tagline “Buy Today to Save Tomorrow” describes the Lift Certificates goal: providing a catalyst for the recovery of local restaurants, salons, stores, and other small businesses. Lift Certificates are part of the overall $625,000 coronavirus relief package that Martha’s Vineyard Bank and the Martha’s Vineyard Bank Charitable Foundation announced last week.
“Social distancing regulations, forced shutdowns of non-essential businesses, and shelter-in-place orders have put local small businesses on Martha’s Vineyard and in Falmouth in a very tough situation, with the full brunt yet to be felt,” said James M. Anthony, president and CEO of Martha’s Vineyard Bank. “Our business community is resilient, and we hope that Lift Certificates facilitate commerce and amplify our community’s desire to give local businesses a helping hand. Our goal is for Lift Certificates to be a catalyst for our community’s sustainability.”
How does it work?
Consumers purchase Lift Certificates at the Bank’s online retail store lift.mvbank.com . Martha’s Vineyard Bank will match the discount from issuing businesses, up to 10%, and assume the full cost of setting up and running the Lift Certificate store.
For example, if a merchant offers a $100 Lift Certificate at a 15% discount, the bank will match with another 10%, so the consumer gets a $100 gift certificate for $75. With the bank’s match, the retailer gets $85 immediately.
Unlike gift card programs where the funds sit on the card until they are used, each “Lift Certificate” will provide an immediate boost for participating small businesses.
Are you a merchant?
If you’d like to participate as a merchant, go to mvbank.com/lift.