Main Street Lending Program

The Federal Reserve established the Main Street Lending Program (Program) to support lending to small and medium-sized businesses that were in sound financial condition before the onset of the COVID-19 pandemic. The Program will operate through three facilities: the Main Street New Loan Facility (MSNLF), the Main Street Priority Loan Facility (MSPLF), and the Main Street Expanded Loan Facility (MSELF).

In addition, the Federal Reserve and U.S. Department of the Treasury are seeking comment through June 22, 2020, on two facilities designed to support lending to nonprofit organizations: the Nonprofit Organization New Loan Facility (NONLF) and the Nonprofit Organization Expanded Loan Facility (NOELF).

Term sheets for each facility and frequently asked questions (FAQs) (PDF) providing more information regarding eligibility and conditions can be found below.

  • Structure. To implement the Program, the Federal Reserve Bank of Boston has set up a special purpose vehicle (SPV) to purchase participations in loans originated by eligible lenders. Lenders will retain a percentage of the loans. As detailed further in the term sheets, U.S. businesses may be eligible for loans if they meet either of the following conditions: (1) the business has 15,000 employees or fewer; or (2) the business had 2019 revenues of $5 billion or less. Loans issued under the Program would have a five year maturity, deferral of principal payments for two years, and deferral of interest payments for one year. Eligible lenders may originate new loans (under MSNLF and MSPLF) or increase the size of (or “upsize”) existing loans (under MSELF) made to eligible businesses.
  • Comment Period. The Federal Reserve and the U.S. Department of the Treasury are seeking comment on two facilities designed to support nonprofit organizations. We recognize that the circumstances, structure and needs of nonprofit organizations vary widely, particularly at this time. As the Program is being finalized, the Federal Reserve and the Treasury are seeking feedback from lenders, borrowers, and other stakeholders to make the Program as efficient and effective as possible, while also safeguarding taxpayer funds. Comments on the proposed NONLF and NOELF term sheets will be accepted through June 22, 2020, via this feedback form.
  • How do eligible borrowers apply? Once the Program is operational, small and medium-sized businesses interested in the Program can apply for Program loans by contacting an eligible lender. A description of eligible lenders can be found in the Program term sheets.

Main Street New Loan Facility (MSNLF)

Main Street Priority Loan Facility (MSPLF)

Main Street Expanded Loan Facility (MSELF)

Proposed: Nonprofit Organization New Loan Facility (NONLF)

Proposed: Nonprofit Organization Expanded Loan Facility (NOELF)

Main Street Lending Program Frequently Asked Questions (FAQs)

Main Street Lending Program Forms and Agreements

Additional information

Reports to Congress

Related Press Releases

Public Comments Received on MSNLF and MSELF Term Sheets (April 9, 2020 – April 30, 2020)

Contact

For general inquiries regarding the Main Street Lending Program please email: mslp@bos.frb.org

To submit a comment on the proposed NONLF and NOELF term sheets, please use our feedback form.

Please note: All comments on the Main Street Lending Program Nonprofit Organization New Loan facility (NONLF) and Nonprofit Organization Expanded Loan Facility (NOELF), however they are submitted (via this web site, by e-mail, or in paper form), may be made available publicly (on this web site, and elsewhere in paper form). Comments are not edited for public viewing but are reproduced as submitted. However, the Board reserves the ability to redact information when necessary for technical reasons or to remove sensitive information. The names and addresses of commenters are included with all comments made available for public viewing.

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Last Update: July 08, 2020