MSLP Facilities for For-Profit Businesses
Since mid-July, the Boston Fed has updated the business MSLP FAQs twice (releases on July 15 and July 31) with additional details and clarifications. Significant changes and additions to the existing FAQs for MSLP facilities to for-profit Eligible Borrowers include:
Other updates to the FAQs include clarification on the following:
MSLP Facilities for Nonprofit Businesses
The Nonprofit MSLP Facilities are now live, and term sheets, form agreements and a set of updated FAQs (last revised July 31, 2020) for the nonprofit facilities are now available on the Boston Fed’s website.
Below is a summary of the general terms of those facilities and the changes made since the initial announcement of the facilities’ terms.
Characteristics of Main Street Nonprofit Organization Loan Types
Nonprofit New Loans
Nonprofit Expanded Loans
Minimum Loan Size
Years in Operation
At least 5 years
Eligibility Criteria (See Term Sheets for More Detail)
Maximum Loan Size
The lesser of $35 million, or the borrower’s average 2019 quarterly revenue
The lesser of $300 million, or the borrower’s average 2019 quarterly revenue
Principal deferred for two years; years 3-5: 15%, 15%, 70%
Deferred for one year
LIBOR + 3%
This alert is not a substitute for reading the FAQs and other terms and conditions of the MSLP in full.