Boston Fed publishes initial listing of lenders accepting new business customers under the Main Street Lending Program
Listing will be updated regularly
The Federal Reserve Bank of Boston on Wednesday published a state-by-state listing of lenders participating in the Main Street Lending Program who are currently accepting applications from new business customers, and also elect to be listed.
Interested borrowers can access the lender listing on the program website.
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.
“We have seen thousands of businesses express interest in this program,” said Eric Rosengren, president of the Boston Federal Reserve Bank, which is administering the program for the Federal Reserve System. “Today, with lenders registered across the country, we can share an initial list of lenders accepting applications from new business customers under the program.”
“Now that the program is fully operational and ready to purchase loan participations, we encourage more lenders to register,” Rosengren added. “The list of participating lenders is likely to grow as more and more banks register.”
The listing will be updated regularly as additional lenders who are accepting applications from new business customers complete the registration process for the Main Street program. Borrowers are encouraged to inquire about Main Street loans with their existing financial institution as well as those on the list.
It is important to note that lenders will assess a borrower for a Main Street 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 program offers five-year term loans, with principal payments deferred until year three, and interest payments deferred until year two. To support a wide variety of businesses, the loans range in size from $250,000 to $300 million. Business borrowers must apply for program loans through a participating lender.
To participate in the program, lenders must register using the program’s lender portal, which provides secure access and verification.