The Federal Reserve announced today, that the Main Street Lending Program is open for Lender registration. Eligible Lenders can register using the program's portal.
The Main Street Lending Program, administered by the Federal Reserve Bank of Boston, intends to purchase 95% of each eligible loan that is submitted to the program, provided that the required documentation is complete and the transactions are consistent with the relevant Main Street facility's requirements.
Businesses will be able to apply for program loans through a participating lender. The list of participating Lenders is currently under developed.
The Main Street Lending Program is designed to help credit flow to small and medium-sized businesses that were in sound financial condition prior to the COVID-19 pandemic but now face cash flow interruptions.
If you are not a lender but would like to learn more about the program, please visit bostonfed.org/mslp.