Federal Reserve Launches Lender Registration for Main Street Lending Program
The Federal Reserve has announced the opening of registration for lenders interested in participating in its Main Street Lending Program (MSLP). Once the MLSP is operational, small and medium-sized businesses interested in the MSLP can apply for MSLP loans by contacting an eligible lender. The program will be available to U.S. businesses with up to 15,000 employees or with revenues of up to $5 billion. While the MSLP is generally meant for businesses who were too large to qualify for Paycheck Protection Program (PPP) loans, entities that applied for and qualified for PPP funding may be eligible to apply for MSLP funding. Unlike the PPP, loans offered by the MSLP must be repaid. Note that the minimum loan available under the MSLP is $250,000.
The Program will operate through three facilities: the Main Street New Loan Facility (MSNLF), the Main Street Priority Loan Facility (MSPLF), and the Main Street Expanded Loan Facility (MSELF). The Federal Reserve has provided detailed Frequently Asked Questions (FAQs) regarding MSLP eligibility and other conditions that can be found here.
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