Federal Reserve hosts Oct. 21 webinar on Main Street Lending Program

Oct 15, 2020 - 03:35 PM
Federal Reserve

The Federal Reserve will host a webinar Oct. 21 at 2 p.m. ET to help borrowers learn about the Main Street Lending Program and provide an opportunity for borrowers to get answers to specific questions on the program and its operations. Questions are to be submitted in advance to questions@askthefed.org by Oct. 16 at 5 p.m. ET. 

The Main Street Lending Program is designed to help small- and medium-sized for-profit businesses’ and nonprofit organizations’ credit flow, particularly those that were in sound financial condition prior to the COVID-19 public health emergency. Under the program, the Federal Reserve purchases 95% of each loan’s debt issued by eligible lenders, with the lender retaining the remaining 5%. Borrowers pay no interest until the loan’s second year and no principal until year three. The program requires lenders to evaluate borrowers’ financial condition and creditworthiness based on the terms of the Main Street program and the lenders’ own underwriting standards.

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