What is the Main Street Lending Program, who is eligible, and how can I apply?

The goal of the Main Street Lending Program is to keep credit flowing to small and mid-sized businesses and nonprofit organizations that were in sound financial condition before the coronavirus pandemic but now need financing to maintain their operations. It is targeted to firms that are not large enough to obtain financing through capital markets but cumulatively employ many millions of workers and are a large part of our economy.

Working with banks, the Main Street Lending Program will offer loans from $250,000 up to $300 million to eligible businesses. To give borrowers more flexibility, the loans must be paid back over five years, with principal payments deferred for two years and interest payments deferred for one year.

Eligible businesses must have significant operations and a majority of employees in the United States and either annual sales of no more than $5 billion or no more than 15,000 employees. Companies receiving loans through the Small Business Administration’s Paycheck Protection Program are also eligible for Main Street lending. Details on loan options, terms, and eligibility are available here.

Details on the Board’s proposed loan options, terms, and eligibility for small and mid-sized nonprofit organizations are available here.

Borrowers must apply through a bank that participates in the Main Street program. Lenders interested in participating can find more information here.