Martha’s Vineyard Bank has invented a way to boost holiday sales for Martha's Vineyard merchants. It has relaunched its “Lift Certificate” program which helps small island businesses by creating coupons that can be purchased online at a discount.
Directed at local restaurants, salons, stores, and other small businesses, the certificates are part of the $625,000 coronavirus relief package that Martha’s Vineyard Bank and the Martha’s Vineyard Bank Charitable Foundation initiated last spring when the coronavirus first started making an impact.
Lift Certificates Have Built-in Discounts
This is how the program works: Consumers go to www.lift.mvbank.com and purchase Lift Certificates at the bank’s online retail store.
Martha’s Vineyard Bank matches the discount from issuing businesses, up to 10 percent. It also assumes the full cost of setting up and running the Certificate Store.
Thus, if a merchant offers a $100 Certificate at a 15 percent 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 Certificate will provide an immediate cash boost for participating small businesses.
Merchants can started in the program by going to www.mvbank.com/lift and following the prompts.