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Main Street Lending Program

The Federal Reserve Main Street Lending Program is designed to help small and medium-sized businesses that were in sound financial condition before the onset of the COVID-19 pandemic but now face temporary cash flow interruptions and need financial assistance to maintain their operations until they have recovered from, or adapted to, the impacts of the pandemic and the resulting economic downturn. Programs will end on 12/31/2020. Main Street Loans are not grants and cannot be forgiven.

Loan Summary:

  • 5-year loans, with floating rates.
  • Loans range in size from $250,000-$300,000,000.
  • Main Street Loans will be offered and structured by your lender as appropriate.
  • Principal and interest payments deferred as outlined below.
  • Must have been a Pass Credit at the end of 2019.
  • Subject to credit review, underwriting and approval by Bank and approved by the Federal Reserve Bank of Boston.

The Main Street Lending Program also provides access to credit for Non Profit organizations including social service organizations, hospitals, and educational institutions. The organizations must be classified as 501 C 3 or 501 C 19 under the Internal Revenue Code.

Non Profit Loan Qualifications Summary:

  • 5-year loans, with floating rates.
  • Loans range in size from $250,000-$10,000,000.
  • Total non-donation revenues equal to or greater than 60% of expenses for the period from 2017 through 2019 (perviously 70% revenues).
  • 2019 operating margin of 2% or more, (previously 5%).
  • Current days cash on hand 60 days (previously 90 days).
  • Current debt repayment capacity - ratio of cash, investments and other resources to outstanding debt and certain other liabilities - of greater than 55% (previously 65%).
  • Main Street Loans will be offered and structured by your lender as appropriate.
  • Must have been a Pass Credit at the end of 2019.
  • Subject to credit review, underwriting and approval by Bank and approved by the Federal Reserve Bank of Boston.

Visit CNBank.com/MainStreetLending or call (585) 419-0670 to speak to one of our Commercial Lenders to discuss your eligibility and start an application.