Federal Reserve’s Main Street Program releases lending documents for nonprofit loans, updated FAQs
New legal documents available for nonprofit lending; updated FAQs published for both business and nonprofit lending
On Friday the Federal Reserve’s Main Street Lending Program posted legal documents and forms for use in lending to eligible nonprofit borrowers.
Frequently Asked Questions (FAQs) for both business and nonprofit lending facilities were also expanded and updated.
The documents include technical changes to accommodate multi-borrower loans and simplify terms.
The Main Street Lending Program is not yet purchasing nonprofit or multi-borrower loan participations. Additional details are forthcoming.
The Main Street Lending Program is designed to support small- and medium-sized businesses and nonprofit organizations and their employees across the United States during the current period of financial strain, by supporting the provision of credit to such businesses.
The program is administered for the Federal Reserve System by the Federal Reserve Bank of Boston, which established a Special Purpose Vehicle to purchase loan participations from eligible lenders across the United States.
Documents released today are available at www.bostonfed.org/mslp. Interested parties can sign up to receive email notifications about program updates by visiting www.bostonfed.org/mslp. General inquiries can be emailed to MSLP@bos.frb.org.