Board of Governors of the Federal Reserve System

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.

• What documents should eligible lenders prepare? The Program loan participation agreement, form borrower and lender certifications, and other required form agreements for all five facilities can be found on the Federal Reserve Bank of Boston’s Main Street Lending Program Forms and Agreements website. The Federal Reserve is not providing form loan documents for eligible lenders to use when making eligible loans to eligible borrowers. Loan documents related to any Program loans that are participated to the SPV must reflect the terms of the Program and must include the items set out in the loan document checklist contained in Appendix A of the Main Street for-profit FAQs (PDF) for the MSNLF, MSPLF, or MSELF, and Appendix A of the Main Street Nonprofit FAQs (PDF) for the NONLF and NOELF.

Main Street New Loan Facility (MSNLF)

• Term Sheet (July 28, 2020) (PDF)

Main Street Priority Loan Facility (MSPLF)

• Term Sheet (July 28, 2020) (PDF)

Main Street Expanded Loan Facility (MSELF)

• Term Sheet (July 28, 2020) (PDF)

Nonprofit Organization New Loan Facility (NONLF)

• Term Sheet (July 28, 2020) (PDF)

Nonprofit Organization Expanded Loan Facility (NOELF)

• Term Sheet (July 28, 2020) (PDF)

Main Street Lending Program Frequently Asked Questions (FAQs)

• For-Profit Frequently Asked Questions (September 18, 2020) (PDF)
• For-Profit Frequently Asked Questions (August 24, 2020) (No longer effective) (PDF)
• For-Profit Frequently Asked Questions (July 31, 2020) (No longer effective) (PDF)
• For-Profit Frequently Asked Questions (July 15, 2020) (No longer effective) (PDF)
• For-Profit Frequently Asked Questions (June 26, 2020) (No longer effective) (PDF)
• For-Profit Frequently Asked Questions (June 20, 2020) (No longer effective) (PDF)
• For-Profit Frequently Asked Questions (June 8, 2020) (No longer effective) (PDF)
• For-Profit Frequently Asked Questions (May 27, 2020) (No longer effective) (PDF)
• For-Profit Frequently Asked Questions (April 30, 2020) (No longer effective) (PDF)

Main Street for Nonprofit Organizations Frequently Asked Questions (FAQs)

• Nonprofit Frequently Asked Questions (September 18, 2020) (PDF)
• Nonprofit Frequently Asked Questions (September 4, 2020) (No longer effective) (PDF)
• Nonprofit Frequently Asked Questions (August 24, 2020) (No longer effective) (PDF)
• Nonprofit Frequently Asked Questions (August 6, 2020) (No longer effective) (PDF)
• Nonprofit Frequently Asked Questions (July 31, 2020) (No longer effective) (PDF)
• Nonprofit Frequently Asked Questions (July 23, 2020) (No longer effective) (PDF)

Main Street Lending Program Forms and Agreements

• Federal Reserve Bank of Boston’s Website

Additional information

Reports to Congress

• Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (October 8, 2020)
  • MSNLF Transaction-specific disclosures (XLSX) (October 8, 2020)
  • MSELF Transaction-specific disclosures (XLSX) (October 8, 2020)
  • MSPLF Transaction-specific disclosures (XLSX) (October 8, 2020)
• Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (September 8, 2020)
  • MSNLF Transaction-specific disclosures (XLSX) (September 8, 2020)
  • MSELF Transaction-specific disclosures (XLSX) (September 8, 2020)
  • MSPLF Transaction-specific disclosures (XLSX) (September 8, 2020)
• Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (August 10, 2020)
  • MSNLF Transaction-specific Disclosures (XLSX) (August 10, 2020)
  • MSPLF Transaction-specific Disclosures (XLSX) (August 10, 2020)
• Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (August 6, 2020)
  • MSNLF Transaction-specific Disclosures (XSLX) (August 6, 2020)
  • MSPLF Transaction-specific Disclosures (XSLX) (August 6, 2020)
• Report on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (August 3, 2020)
• Report to Congress Pursuant to Section 13(3) of the Federal Reserve Act: Nonprofit Organization Expanded Loan Facility (PDF) (July 24, 2020)
• Report to Congress Pursuant to Section 13(3) of the Federal Reserve Act: Nonprofit Organization New Loan Facility (PDF) (July 24, 2020)
• Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (July 7, 2020)
• Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (June 7, 2020)
• Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (May 15, 2020)
• Report to Congress Pursuant to Section 13(3) of the Federal Reserve Act: Main Street New Loan Facility (PDF) (April 16, 2020)
• Report to Congress Pursuant to Section 13(3) of the Federal Reserve Act: Main Street Expanded Loan Facility (PDF) (April 16, 2020)
• Report to Congress Pursuant to Section 13(3) of the Federal Reserve Act: Main Street Priority Loan Facility (PDF) (May 8, 2020)

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

• Federal Reserve Board updates frequently asked questions to clarify the Board and Department of Treasury’s expectations regarding lender underwriting for the Main Street Lending Program (September 18, 2020)
• Fed's Main Street Lending Program is now fully operational for loans to nonprofit organizations (September 4, 2020)
• Federal Reserve Board announces an extension through December 31 of its lending facilities that were scheduled to expire on or around September 30 (July 28, 2020)
• Federal Reserve Board modifies Main Street Lending Program to provide greater access to credit for nonprofit organizations such as educational institutions, hospitals, and social service organizations (July 17, 2020)
• Federal Reserve Board announces it will be seeking public feedback on proposal to expand its Main Street Lending Program to provide access to credit for nonprofit organizations (June 15, 2020)
• Federal Reserve Board expands its Main Street Lending Program to allow more small and medium-sized businesses to be able to receive support (June 8, 2020)
• Federal Reserve Bank of Boston releases additional information for potential lenders and borrowers in the Main Street Lending Program (May 27, 2020)
• Federal Reserve Board announces it is expanding the scope and eligibility for the Main Street Lending Program (April 30, 2020)
• Federal Reserve takes additional actions to provide up to $2.3 trillion in loans to support the economy (April 9, 2020)

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

• Public comments 1 (PDF)
• Public comments 2 (PDF)
• Public comments 3 (PDF)
• Public comments 4 (PDF)
• Public comments 5 (PDF)
• Public comments 6 (PDF)
• Public comments 7 (PDF)
• Public comments 8 (PDF)
• Public comments 9 (PDF)

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

• Public comments 1 (PDF)
• Public comments 2 (PDF)
• Public comments 3 (PDF)
• Public comments 4 (PDF)
• Public comments 5 (PDF)

Contact

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