Bank of Cape Cod has raised $4.4 million of additional capital to meet a growing demand for local loans and to increase its lending capacity to individual borrowers, according to a statement.

"We can now loan more than $4 million to a single commercial borrower," Timothy Telman, president and CEO of the bank, said in the statement.

The new capital can be leveraged to allow the bank to inject nearly $50 million in new loans into the Cape economy, according to the statement.

The additional capital will also support the bank’s newest initiative of providing residential mortgages, the statement said. The bank recently formed a residential lending team and expects to be ready to accept mortgage applications by the spring season. Telman said future capital raises are likely, so long as there is a demand.