Main Street Lending Program (Federal Reserve Policy Tools)

Summary

Main Street Lending Program page of the Board of Governors of the Federal Reserve System, which describes the program as closed: it terminated on January 8, 2021. Eligible lenders could originate new loans under MSNLF, MSPLF and NONLF or upsize existing loans under MSELF and NOELF, and lenders retained a percentage of the loans. The page lists public comments received on the MSNLF and MSELF term sheets from April 9, 2020 to April 30, 2020 and on the NONLF and NOELF term sheets from June 15, 2020 to July 17, 2020. It also points to monthly disclosures of names of lenders and borrowers, amounts borrowed and interest rates charged.

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Board of Governors of the Federal Reserve System

Policy Tools

Main Street Lending Program

The Federal Reserve established the Main Street Lending Program (Program) to support lending to small and medium-sized for profit businesses and nonprofit organizations that were in sound financial condition before the onset of the COVID-19 pandemic. The Program terminated on January 8, 2021.

The Program operated 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) for the MSNLF, MSPLF and MSELF (for-profit facilities) (PDF) and NONLF and NOELF (non-profit facilities) (PDF) that provided information regarding eligibility and conditions for the Program and include information for lenders and borrowers with Main Street loans can be found below.

- Structure. To implement the Program, the Federal Reserve Bank of Boston set up a special purpose vehicle (SPV) to purchase participations in loans originated by eligible lenders. Lenders retained a percentage of the loans. U.S. businesses and nonprofit organizations may have been eligible for loans if they met the criteria set out in the term sheets. Loans issued under the Program have a five year maturity, deferral of principal payments for two years, and deferral of interest payments for one year. Eligible lenders were able to originate new loans (under MSNLF, MSPLF and NONLF) or increase the size of (or "upsize") existing loans (under MSELF and NOELF) made to eligible borrowers.
- Operational Status. The Program ceased purchasing participations on January 8, 2021. The Federal Reserve Bank of Boston will continue to fund the SPV until the SPV’s underlying assets mature or are sold.

Main Street Lending Program Term Sheets

- Main Street New Loan Facility (MSNLF): Term Sheet (December 29, 2020) (PDF)
- Main Street Priority Loan Facility (MSPLF): Term Sheet (December 29, 2020) (PDF)
- Main Street Expanded Loan Facility (MSELF): Term Sheet (December 29, 2020) (PDF)
- Nonprofit Organization New Loan Facility (NONLF): Term Sheet (December 29, 2020) (PDF)
- Nonprofit Organization Expanded Loan Facility (NOELF): Term Sheet (December 29, 2020) (PDF)

Main Street Lending Program Post-Termination Frequently Asked Questions (FAQs)

Main Street Lending Program For-Profit FAQs

Main Street for Nonprofit Organizations FAQS

Main Street Lending Program Forms and Agreements

Reports to Congress

Archive:

2025 Reports

2024 Reports

2023 Reports

2022 Reports

2021 Reports

2020 Reports

Disclosures Information regarding the operation of the Program facilities, including monthly disclosure of names of lenders and borrowers, amounts borrowed and interest rates charged.

Related Press Releases

Public Comments Received on MSNLF and MSELF Term Sheets (April 9, 2020 – April 30, 2020)

Public Comments Received on NONLF and NOELF Term Sheets (June 15, 2020 – July 17, 2020)

Other

Letter from Chair Powell to Secretary Mnuchin regarding emergency lending facilities (November 20, 2020)

Contact

For general inquiries regarding the Main Street Lending Program please email: [email protected]

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Last Update: June 11, 2026

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