Discover and read the best of Twitter Threads about #MSLP
Most recents (2)
I was happy to hear about the #MSLP initiative by the @federalreserve as part of the CARES Act - money that could help businesses weather these uncertain times.
It was announced 3 months ago though and keep getting changed before even going live. /1
It was announced 3 months ago though and keep getting changed before even going live. /1
However, after all the delays and revisions, @federalreserve and @BostonFed finally announced yesterday that they are accepting lender registrations, and encouraging lenders to start making the #MSLP loans.
But who are these lenders? /2
But who are these lenders? /2
Well the Fed says that any federally-insured deposit institution is an eligible lender.
So FDIC insured banks, credit unions, and savings and loan institutions can all participate.
Awesome! So just contact your bank right?
Well not so fast /3
So FDIC insured banks, credit unions, and savings and loan institutions can all participate.
Awesome! So just contact your bank right?
Well not so fast /3
1) "Federal Reserve developed the #MainStreetLending Program to help credit flow to small and medium-sized businesses that were in sound financial condition before the pandemic."
2) after initial announcement of #MainStreetLending Program, Fed Reserve expanded it to: Create a 3rd loan option, w/increased risk sharing by lenders for borrowers with greater leverage &
Lowered the minimum loan size for certain loans to $500,000
federalreserve.gov/newsevents/pre…
Lowered the minimum loan size for certain loans to $500,000
federalreserve.gov/newsevents/pre…
3) this resulted in 3 loan (🍕) options: plain, pepperoni & mushroom: "termed new, priority, & expanded" 4 year loans:
New: $500K Minimum Loan Size
Priority: Ditto
Expanded: $10M Minimum Loan Size & up to a TON!
New: $500K Minimum Loan Size
Priority: Ditto
Expanded: $10M Minimum Loan Size & up to a TON!
