Main Street Lending Program Is Fully Operational
The Federal Reserve announced last week that its Main Street Lending Program (MSLP) is now fully operational.
The MSLP offers five-year loans to help credit flow to small- and medium-sized businesses that were in sound financial condition prior to the COVID-19 pandemic. Lenders will assess a borrower for a MSLP loan based on meeting the terms of the program and also the lenders’ own underwriting standards, as part of evaluating financial condition and creditworthiness. Lenders’ loan approvals are contingent on those factors.
The Fed also released a full list of lenders participating in the program. That database is available here. Eric Rosengren, president of the Boston Federal Reserve Bank, said, “Now that the program is fully operational and ready to purchase loan participations, we encourage more lenders to register. The list of participating lenders is likely to grow as more and more banks register.”
Click here for complete information about the program.