NEW LOAN PROGRAM COMING - MAIN STREET NEW LOAN FACILITY (MSNLF)
Updating this post as of[redacted]
The website for this program is here: https://www.federalreserve.gov/monetarypolicy/mainstreetlending.htm
So far no eligible lenders have been identified. I've inquired with a few banks about whether they'd be participating and received eyerolls was able to see over the phone - I took that as a strong No. But, I got that initially from some PPP participating lenders as well, so who knows where this will go.
There's a helpful writeup from Skadden here: https://www.skadden.com/insights/publications[redacted]updated-guide-to-the-main-street-lending-program
Details released yesterday : https://www.federalreserve.gov/newsevents/pressreleases/files/monetary20200409a7.pdf
4y term with 12 mo payment deferral[redacted]% interest. 2% fees. Pretty much anyone in our world should be an eligible borrower. I have been asking bankers who’s participating, but so far not received any affirmative responses yet. Would be great if the group here could post more intel as you receive it.