Webinar: Main Street Lending Program’s Applicability for Tribal Businesses
On August 4, 2020, at 2:00 PM EDT, the Federal Reserve will provide an overview of the Main Street Lending Program‘s applicability for Tribal Businesses. The session will cover terms, conditions, and eligibility requirements. The session will focus in particular on issues of interest to tribal businesses, including the waiver of CARES Act restrictions relating to dividend distributions made by tribal businesses to tribal governments. The webinar is also an opportunity for participants to get answers to questions from officials from the Federal Reserve.
The Federal Reserve encourages interested participants to review the program materials on the Federal Reserve Bank of Boston website.
You may submit questions in advance by emailing questions@askthefed.org.
Background:
The Main Street Lending program was created to support the economy by ensuring small and medium-sized businesses have the credit they need during the COVID-19 crisis. While tribal businesses were deemed eligible for the program on April 30, 2020, restrictions were placed on dividends prevented tribes from applying for this program. Through FAQs effective July 15, 2020, the Federal Reserve granted a waiver for tribal government businesses from the dividend prohibition of the Main Street Lending Program and they are now able to apply.
The Federal Reserve established three facilities: Main Street Loan Facility (MSLF), Main Street Priority Loan Facility (MSPLF), and Main Street Expanded Loan Facility (MSELF). The MSLF offers loans ranging from $250,000 to $35 million, MSPLF loans range from $250,000 to $50 million, and MSELF loans range from $10 million to $300 million. To be eligible for either facility, a tribal business must meet one of the following conditions:
- Have 15,000 employees or fewer
- Or had 2019 annual revenues of $5 billion or less
This expanded access to the Main Street Lending Program has the potential to provide much-needed capital to Indian Country.
Resources
- Webinar Registration
- Main Street Lending Program
- Program Materials
- FAQs Effective July 15
- List of lenders accepting new customers