For Lenders: Main Street Lending Program – Nonprofit Loan Purchase Process
On July 17, 2020, the Federal Reserve announced an expansion of the Main Street Lending Program to provide greater access to credit for nonprofit organizations such as educational institutions, hospitals, and social service organizations. This webinar is an opportunity for lenders to learn about the Main Street Lending Program’s nonprofit loan purchase process. The session will discuss, among other things, how lenders will navigate through the Main Street Lender Portal and required documentation for nonprofit 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. for-profit and nonprofit businesses 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 for-profit and nonprofit businesses are integral to the U.S. economy and create jobs for a large share of the U.S. workforce.