For Lenders: Main Street Lending Program - Loan Purchase Process
This event took place before the Federal Reserve’s announcement to modify the program to provide greater access to credit for nonprofit organizations such as educational institutions, hospitals, and social service organizations. For the most up-to-date information visit bostonfed.org/mslp.
The webinar is an opportunity for lenders to learn about the Main Street Lending Program’s loan purchase process. The Federal Reserve will finance a Special Purpose Vehicle that will purchase 95 percent participations in qualified Main Street loans. The session will discuss, among other things, how lenders will navigate through the Main Street Lender Portal and required documentation for loan purchases. The webinar is also an opportunity for lenders to get answers to questions from senior officials from the Federal Reserve.
The Main Street Lending Program is designed to support small and medium-sized U.S. businesses and their employees during this period of financial strain by giving these businesses access to additional credit. The program is intended to help businesses that were in sound financial condition prior to the onset of the COVID-19 pandemic maintain operations until conditions normalize. Small and medium-sized businesses are integral to the U.S. economy and create jobs for a large share of the U.S. workforce.