Main Street Lending Program

The Federal Reserve established the Main Street Lending Program (Program) to support lending to small and medium-sized for profit businesses and nonprofit organizations that were in sound financial condition before the onset of the COVID-19 pandemic.

The Program operates through five facilities:

  • the Main Street New Loan Facility (MSNLF),
  • the Main Street Priority Loan Facility (MSPLF),
  • the Main Street Expanded Loan Facility (MSELF),
  • 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) for the MSNLF, MSPLF and MSELF (for-profit facilities) (PDF) and NONLF and NOELF (non-profit facilities) (PDF) providing more information regarding eligibility and conditions can be found below.

  • Operational Status.
    • Lender Registration. Through the Main Street Lender Portal (Portal), Lenders can register once to lend under any of the five Program facilities. Lenders that have registered for the MSNLF, MSPLF, and MSELF do not need to re-register to participate in the NONLF or NOELF. Registration instructions and the form loan participation agreement, form borrower and lender certifications and covenants, and other required form agreements can be found on the Federal Reserve Bank of Boston’s Main Street Lending Program Forms and Agreements website.

    • Submissions of Loans for Purchase of a Participation. All five Main Street facilities are fully operational and ready to purchase participations in eligible loans that are submitted through the Portal by eligible lenders. To submit a participation funding request through the Portal, lenders must first complete lender registration.
  • 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. U.S. businesses and nonprofit organizations may be eligible for loans if they meet the criteria set out in the term sheets. 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, MSPLF and NONLF) or increase the size of (or "upsize") existing loans (under MSELF and NOELF) made to eligible borrowers.
  • How do eligible borrowers apply? Small and medium-sized for profit businesses and nonprofit organizations interested in the Program can apply for Program loans by contacting an eligible lender. More information for eligible borrowers, including a listing of registered lenders, who are accepting new customers and have elected to be listed, can be found on the Federal Reserve Bank of Boston Information for Borrowers website.

Main Street New Loan Facility (MSNLF)

Main Street Priority Loan Facility (MSPLF)

Main Street Expanded Loan Facility (MSELF)

Nonprofit Organization New Loan Facility (NONLF)

Nonprofit Organization Expanded Loan Facility (NOELF)

Main Street Lending Program Frequently Asked Questions (FAQs)

Main Street for Nonprofit Organizations Frequently Asked Questions (FAQs)

Main Street Lending Program Forms and Agreements

Additional information

Reports to Congress

Disclosures
Information regarding the operation of the MSLP facilities, including monthly disclosure of names of lenders and borrowers, amounts borrowed and interest rates charged.

Related Press Releases

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

Public Comments Received on NONLF and NOELF Term Sheets (June 15, 2020 – July 17, 2020)

Contact

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

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Last Update: September 18, 2020