We will be originating new business loans for the Main Street Loan Program for qualified businesses nationwide. These are fully underwritten loans and we are working with a large network of lenders nationwide to place them appropriately. To apply for a Main Street loan, us the contact form or call directly to 866-647-1650.
The Main Street Lending Program was established by the Federal Reserve to support small to medium sized businesses that were on sound financial condition prior to the COVID-19 pandemic. Businesses that were not able to access the Payroll Protection Program or those that require additional support after receiving a PPP loan can receive support under this program. As opposed to the PPP loan program assistance, these loans are fully underwritten loans, not forgivable, and are full recourse.
To be eligible for the Main Street Loan Program, the business must meet the following criteria
- Established prior to March 13, 2020
- Be a business established in the United States, US territory, or under a Tribal Government
- Have fewer than 15,000 employees OR have annual revenues of less than $5 billion
- Must be an eligible business type as defined by the SBA (See below for a list of ineligible businesses)
- Must not have received economic support pursuant to the CARES Act
Below is the term sheet for loan terms published by the Federal Reserve as of May 3rd