NavFile is performing research on the Federal Reserve Bank’s Main Street Lending Program. The Main Street Lending Program is a Federal Reserve sponsored lending program for small to mid-size businesses that was created in response to the COVID-19 situation. The Federal Reserve has committed $600 billion in available funding. The program was launched in April 2020 and has only lent out a little over $2 billion.
The team at NavFile is taking a look at the overall program and how it can help businesses in the current economic climate. More information on the lending program will be provided once we have completed our review of the program.
An initial look at the program indicates that businesses can access funds at very favorable terms. Initial interest and principal payments are deferred for 1 and 2 years, respectively. There is also no prepayment penalty. If your business needs a loan or is interested in ways that Main Street Lending Program can be used to strengthen your liquidity position, please contact our NavFile Business Solutions team.
Above: The NavFile Main Street Lending Program Research banner.