On July 8, 2020, the Federal Reserve Bank of Boston released a state-by-state list of lenders approved for issuing Main Street loans. The listing will be updated regularly as additional lenders that are accepting applications from new business customers complete the registration process. Most states have at least three lenders available. Nevada, North Dakota, Montana, and Wyoming currently have two lenders approved and South Dakota has a single lender approved.
Lenders will assess borrowers for a Main Street loan based on meeting the program terms and the lenders’ own underwriting standards, as part of evaluating financial condition and creditworthiness. Lenders’ loan approvals are contingent on those factors.
BKD has the following Main Street resources available to help you learn more about the program:
BKD COVID-19 Webinar Series: Main Street Lending – What Borrowers Need to Know
New Clarifications on Main Street Business Program, Lender Registration Opened (June 22)
Main Street Program Nears Launch – New Details (May 29)
BKD will continue to follow this developing situation. As with most topics related to COVID-19, changes are being made rapidly. Please note that this information is current as of the date of publication. Visit BKD’s COVID-19 Resource Center to learn more. If you have questions, contact your BKD Trusted Advisor™ today.