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Lenders Participating in the Main Street Loan Program

Ahead of schedule the Boston Federal Reserve Bank has published a list of lenders participating in the Main Street Loan Program.

This link will take you to an interactive map which allows you to pick states and find lenders by state.

Using California as an example, here are the lenders currently listed as participating.

Using New York as an example, here are the lenders currently listed as participating.

The website will be updated as lenders participating in the Main Street Program complete the registration process.

Borrowers should also discuss the Main Street Program with their existing lender if their lender is not listed on the website. Initially lenders were able to opt in to have their name published. It is not clear of all registered lenders will be listed on the website.

Lenders make the final determination on eligibility and are required to use their own underwriting standards as part of the evaluation of creditworthiness.

Many lenders are establishing separate and parallel approval and review mechanisms for the Main Street Loan Program applications; therefore, the approval process may be longer than expected.

The repayment structures of these loans require the ability of the borrower to generate sufficient cash to make the payments or generate sufficient EBITDA to restructure the debt before the first required principal payment at the end of year 3.

This program continues to provide an option to certain borrowers and will be evaluated for each potential borrower based on:

  • The borrower’s EBITDA performance in 2019.

  • The borrower’s current level of debt.

  • The borrower’s future cash flow and EBITDA forecasts.

  • The lender’s desire to participate in the Main Street Program.

For additional information on the Main Street Loan Programs please refer to the following articles:

  1. July 6, 2020: Main Street Loan Program Update

  2. Main Street Loan Programs Are Evolving

  3. Covid-19: Main Street Loan Program Important Update

  4. Coronavirus Response: Main Street Loan Program

Please contact us to discuss any questions or to evaluate options.

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