The Main Street Lending Program may help your nonprofit organization — Federal Reserve Bank of Boston
Summary
A Federal Reserve Bank of Boston one-page overview for nonprofit organizations describes the Main Street Lending Program, which operates through participating lenders and offers two loan options. Listed benefits include a $100,000 minimum loan size, no payments for one year (interest deferred one year and principal two years) and an interest rate of Libor + 3%. Eligibility criteria include 501(c)(3) or 501(c)(19) status with a minimum of ten employees and non-donation revenues equal to or greater than 60% of expenses for the period from 2017 through 2019. The overview states that the loans are not grants and cannot be forgiven, and that the program has ceased purchasing participations in eligible loans.
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“The Main Street Lending Program may help your nonprofit organization — Federal Reserve Bank of Boston.”
Original at www.bostonfed.org. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/bostonfed-nonprofit-one-pager-rolling-text-0de2bca354/
, SHA-256 9f6845c7891387494e0ebc4b06cef5f1cc35a91cbc9f5aff51f9ecf7d8fb7a07.Full text
The Main Street Lending Program may help your nonprofit organization bridge financial strain during the pandemic. Are you part of a nonprofit organization with operations and revenues impacted by the COVID-19 pandemic? The Main Street Lending Program, an emergency lending program established by the Federal Reserve, and operating through participating lenders, offers two loan options* that may help you through these challenging times. ## Benefits - Emergency credit to address cash flow interruptions ($100,000 minimum loan size) - No payments for one year (interest deferred one year and principal two years) - Opportunity to maintain operations and keep staff employed - Interest rate of Libor + 3% (bostonfed.org/mslp) ## Eligibility Criteria Include - 501(c)(3) or 501(c)(19) with a minimum of ten employees and in sound financial condition before the pandemic - Non-donation revenues: Total non-donation revenues equal to or greater than 60% of expenses for the period from 2017 through 2019 - Operating Margin: Ratio of 2019 earnings before interest, depreciation, and amortization (EBIDA) to unrestricted 2019 operating revenue of 2% or more - Cash on hand: Ratio of liquid assets to average daily expenses of 60 days or more - Debt repayment capacity: Ratio of cash and investments to outstanding and undrawn debt and certain other liabilities of greater than 55% ## Ready to get started? - Visit bostonfed.org/mslp for a complete listing of program terms and conditions. - If you are a qualified nonprofit organization, contact your local bank or refer to the lender listing map at bostonfed.org/mslp. - If you are a lender, visit bostonfed.org/mslp to find information on how to participate in the program. ## Questions? Contact MSLP@bos.frb.org. *It is important to note that by law, the Main Street loans are not grants and cannot be forgiven. The Main Street Lending Program has ceased purchasing participations in eligible loans.
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- BostonFed_nonprofit-one-pager_rolling_text.md.txt
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- 1,959 bytes
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- 9f6845c7891387494e0ebc4b06cef5f1cc35a91cbc9f5aff51f9ecf7d8fb7a07
- Original
- www.bostonfed.org