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Main Street Lending Program

June 12, 2020

While the Paycheck Protection Program by the Small Business Administration has captured headlines over the past few months, there is another, a lesser-known program offering loans to small businesses by the Federal Reserve that has been less than 5% utilized.

The Main Street Lending Program lends to small and medium businesses that were financially sound before COVID-19. 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).

Am I Eligible?

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.

How do Eligible Borrowers Apply?

Small and medium-sized businesses interested in the Main Street Lending Program can apply for loans by contacting an eligible lender. A description of eligible lenders can be found in the program term sheets. To view term sheets, click on the following loans below:

Main Street New Loan Facility (MSNLF) »

Main Street Priority Loan Facility (MSPLF) »

Main Street Expanded Loan Facility (MSELF) »

What Documents Should Eligible Borrowers Prepare?

The Federal Reserve is not providing form loan documents for eligible lenders. Loan documents related to any loans 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 FAQs (PDF).

Find forms here »

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