Last Updated: May 27, 2020. Please visit email@example.com for General Inquiries.
The Main Street Lending Program is designed to provide support to small and medium-sized businesses and their employees across the United States during the current period of financial strain by supporting the provision of credit to such businesses. The availability of additional credit is intended to help companies that were in sound financial condition prior to the onset of the COVID-19 pandemic maintain their operations and payroll until conditions normalize. Small and medium-sized businesses are integral to the U.S. economy and create jobs for a large share of the U.S. workforce.
The Federal Reserve is currently working to create the infrastructure necessary to operationalize the program.
Accessing the Program
Once the program is operational, small, and medium-sized businesses interested in the program should seek to apply for program loans from an eligible lender.
The Federal Reserve’s Main Street Lending Program will be administered by the Federal Reserve Bank of Boston, which will establish the Main Street SPV to purchase loan participations from eligible lenders in any of the twelve Federal Reserve districts. Further detail regarding how the program will be operationalized will be made available in the future.
The Federal Reserve has announced that it is establishing a 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).
The necessary legal forms and agreements for eligible borrowers and eligible lenders to participate in the MSNLF, MSELF, or MSPLF can be found below. Instructions for completing the required documents and Frequently Asked Questions (FAQs) providing more information regarding eligibility and conditions can be found here.
This document is intended to address frequently asked questions (FAQs) about the Main Street Lending Program (Main Street or Program), including the Main Street New Loan Facility (MSNLF), the Main Street Priority Loan Facility (MSPLF), and the Main Street Expanded Loan Facility (MSELF). The Federal Reserve will periodically update these FAQs. Please check the website of the Federal Reserve Bank of Boston (FRB Boston) for new FAQs or revisions to previously issued FAQs.
Information on vendors supporting the Main Street Lending Program.
In May 2020, the Federal Reserve Bank of Boston selected State Street Bank and Trust Company (State Street) as a third-party vendor to serve as the custodian and accounting administrator for this program. State Street was selected for this role after evaluating its response to a request for proposals, which considered implementation and operational capabilities, as well as, overall qualifications needed to support the program.
Additional information on vendors will be posted as available.
The Federal Reserve is pleased to announce the following two information sessions for potential borrowers in the Main Street Lending Program.
The Main Street Lending Program supports small and medium-sized U.S. businesses and their employees during this period of financial strain by giving these businesses access to additional credit. The program is intended to help companies that were in sound financial condition prior to the onset of the COVID-19 pandemic maintain operations and payroll until conditions normalize. Small and medium-sized businesses are integral to the U.S. economy and create jobs for a large share of the U.S. workforce. Registration is now open:
- Friday, May 29, 11:00 a.m. EDT: Webinar for Potential Borrowers in the Main Street Lending Program https://www.webcaster4.com/Webcast/Page/584/34950
- Wednesday, June 3, 2:00 p.m. EDT: Drop-in Session for Potential Borrowers in the Main Street Lending Program https://www.webcaster4.com/Webcast/Page/584/34955
To allow as many potential borrowers to participate as possible, we ask each business to register no more than two representatives for the live session. A recording of the session will be available shortly after the call using the registration links. We strongly encourage participants to use the webinar audio on their computers for the best experience.
Interested participants are encouraged to review the program term sheets and frequently asked questions prior to the session.
As always, we want your questions. You can email your questions in advance to firstname.lastname@example.org. The presenters will take live questions during the session, but questions received in advance will have priority.