Lending Facilities
The lending facility term sheets and other information on this page describe the additional actions the Fed has taken to support the economy.
Read a September 4, 2020, press release
announcing that the Main Street Lending Program is now fully operational and accepting submissions of eligible loans to nonprofit organizations, submitted by registered lenders.
Read a June 8, 2020, press release announcing an expansion of the Federal Reserve’s Main Street Lending Program. The Federal Reserve Board expanded the program to allow more small and medium-sized businesses to receive support, including lowering the minimum loan size and increasing the term.
Read an April 9, 2020, press release on the Federal Reserve's additional actions to provide up to $2.3 trillion in loans to support the economy. Find the term sheets for the lending facilities below.
- Main Street Lending Program operations: This Boston Fed site offers a program overview and information for borrowers who may be eligible to participate and for potential lenders. People can sign up to receive program updates.
- The Boston Fed has a program mailbox (mslp@bos.frb.org) for questions.
- Main Street Lending Program FAQs and term sheets: The Board of Governors’ website includes robust FAQs and term sheets for the three facilities in the program.
Municipal Liquidity Facility: Supports lending to U.S. states and the District of Columbia, U.S. cities with a population exceeding one million residents, and U.S. counties with a population exceeding two million residents.
Paycheck Protection Program Lending Facility: Intended to facilitate lending by eligible borrowers to small businesses under the Paycheck Program Program of the Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act.
- Read frequently asked questions about the Paycheck Protection Program from the Federal Reserve Discount Window/Payment System Risk.
Primary Market Corporate Credit Facility: Serves as a funding backstop for corporate debt issued by eligible issuers.
Secondary Market Corporate Credit Facility: Allows the Federal Reserve Bank of New York to lend, on a recourse basis, to a special purpose vehicle that will purchase in the secondary market corporate debt issued by eligible issuers.
Term Asset-Backed Securities Loan Facility: Intended to help meet the credit needs of consumers and businesses by facilitating the issuance of asset-backed securities.