According to a July 6 announcement, the Federal Reserve Board’s Main Street Lending Program (MSLP) is now fully operational. Lenders are accepting applications and the Federal Reserve is prepared to participate in eligible loans, the agency said.
The program is designed to help small and medium-sized business relieve the financial strain caused by the COVID-19 crisis. Loans can range in size from $250,000 to $300 million. The loans are not grants and will not be forgiven.
Interested parties can review the program, eligibility, term sheets for each facility (new, priority, or expanded), and frequently asked questions via the following links:
- Frequently Asked Questions:
- Term Sheet – Main Street New Loan Facility (MSNLF)
- Term Sheet – Main Street Priority Loan Facility (MSPLF)
- Term Sheet – Main Street Expanded Loan Facility (MSELF)
- Additional Program Information
Prospective borrowers can also contact a lender participating in the program for additional details. Not all lenders are participating.
If you have questions about the MSLP or other COVID-19 relief options, please contact your HBK Advisor.