Small to mid-sized businesses in the Boston Metro have new lending options available under the Federal Reserve’s Main Street Lending Program, which recently adjusted borrowing requirements for easier access. Effective immediately, the minimum loan available under the program is $100,000. Previously, the minimum funding amount was $250,000, which made approval a bit difficult for smaller companies.
Main Street Lending Program loans are primarily designed for companies with revenue below $5 billion, or with fewer than 15,000 employees. However, these loans are not as simplistic as the Paycheck Protection Program loans. While both programs offer economic assistance to businesses, the Main Street Lending Program involves more stringent qualifying and repayment requirements, and borrowers also face certain lending fees. Main Street Lending Program loans are not forgivable.
On the plus, businesses that have already received assistance through the Paycheck Protection Program will not have that debt calculated against them on a Main Street Lending Program application.
Businesses and nonprofit organizations interested in the Main Street Lending Program can apply for loans by contacting an eligible lender. For more information, visit the Federal Reserve Bank of Boston website.
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