Federal Reserve Bank of Boston Offers Preliminary Information on Main Street Lending Program

Thu May 21, 2020

The Program

The Main Street Lending Program is designed to provide support to small and medium-sized businesses and their employees across the United States during the current period of financial strain by supporting the provision of credit to such businesses. The availability of additional credit is intended to help companies that were in sound financial condition prior to the onset of the COVID-19 pandemic maintain their operations and payroll until conditions normalize. Small and medium-sized businesses are integral to the U.S. economy and create jobs for a large share of the U.S. workforce.

Details

For more information on the Main Street program, including available loan amounts and borrower eligibility, please see the Term & Conditions, FAQs, and related information.

Current Status

The Federal Reserve is currently working to create the infrastructure necessary to operationalize the program.

Accessing the Program

Once the program is operational, small and medium-sized businesses interested in the program should seek to apply for program loans from an eligible lender.

Program Administration

The Federal Reserve’s Main Street Lending Program will be administered by the Federal Reserve Bank of Boston, which will establish the Main Street SPV to purchase loan participations from eligible lenders in any of the twelve Federal Reserve districts. Further detail regarding how the program will be operationalized will be made available in the future.