The Main Street Lending Program addresses cash flow challenges created by COVID-19.
In April, the Federal Reserve announced a new program designed to help sustain your core business operations through the challenges caused by COVID-19. In June, the Federal Reserve began taking applications. The loan program enables you to borrow funds at the following terms.
- 5-year term loan
- No principal payments required for 2 years, interest payments deferred for 1 year
- Principal repayment schedule:
- 15% due at the end of year 3
- 15% at the end of year 4
- 70% remaining balance due upon loan maturity at the end of year 5
- Variable rate of 3 month LIBOR + 300 basis points
- No penalties for prepayment
It's important to know your options.
The economic effects of these uncertain times are unprecedented. While cash flow remains volatile, operating costs, salaries and debt payments continue to mount. This program is a limited time opportunity to secure liquidity that can help you survive the short term, so you can thrive in the long term.
Provide your contact information and we will reach out to discuss your business situation and review information about the Federal Reserve Main Street Lending Program.
Do you have questions about the Federal Reserve Main Street Lending Program? Click here for a brief FAQ.
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