Federal Reserve publishes frequently asked questions for nonprofit lending in the Main Street Lending Program
July 27, 2020
The Federal Reserve Board of Governors has published details on nonprofit lending in the Main Street program in the form of frequently asked questions (Off-site, PDF). The FAQs add detail to the July 17 announcement (Off-site) to expand the program to support greater access to credit for nonprofit organizations such as educational institutions, hospitals, and social service organizations.
The program is not yet fully operational for nonprofit lending, but lenders are encouraged to review the program’s term sheets (Off-site) and the new FAQs.
The program’s website, www.bostonfed.org/mslp (Off-site), contains program information for lenders, business borrowers, and nonprofits borrowers. Lenders and other interested parties are encouraged to sign up for program updates (Off-site) by email, on the website. And any inquiries can be sent to MSLP@bos.frb.org.
To participate in the Main Street Lending Program, lenders must register using the program’s lender portal, which provides secure access and verification.
This program can help lenders support the flow of credit to businesses and organizations that were in sound condition prior to the onset of the pandemic, to maintain operations until conditions improve. We encourage all eligible financial institutions to explore this program’s potential to help them serve the businesses and organizations in their markets during these challenging times.