By CHRISTOPHER RUGABE WASHINGTON (AP) — The spread of the COVID-19 delta variant is raising infections, leading some companies and […]
(Reuters) - The U.S. Federal Reserve on Friday opened its “Main Street” loan program to non-profits, allowing education, health, social service and other groups with as few as 10 employees to tap central bank funding.
The loan terms were broadened significantly from an initial proposal floated by the Fed in mid-June, including lowering the employee threshold from 50 workers and easing some revenue and operating margin requirements developed as a way to rate the financial health of non-profit organizations.
“Nonprofits provide vital services across the country and employ millions of Americans,” Federal Reserve Chair Jerome Powell said in a statement. “We have listened carefully and adapted our approach so that we can best support them in carrying out their vital mission during this extraordinary time.”
The Federal Reserve established the Main Street Lending Program (Program) to support lending to small and medium-sized businesses and nonprofit organizations that were in sound financial condition before the onset of the COVID-19 pandemic.
The Program operates through five facilities: the Main Street New Loan Facility (MSNLF), the Main Street Priority Loan Facility (MSPLF), the Main Street Expanded Loan Facility (MSELF), the Nonprofit Organization New Loan Facility (NONLF) and the Nonprofit Organization Expanded Loan Facility (NOELF).
Term sheets for each facility and frequently asked questions (FAQs) (PDF) providing more information regarding eligibility and conditions can be found below.
For general inquiries regarding the Main Street Lending Program please email: firstname.lastname@example.org
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