On September 4, 2020, the Federal Reserve Bank of Boston (the “Reserve Bank”) announced that the Main Street Lending Program’s Nonprofit Organization New Loan Facility (the “NONLF”) and Nonprofit Organization Expanded Loan Facility (the “NOELF” and together with the NONLF, the “Nonprofit Facilities”) are now fully operational and accepting requests for loan participations.

For a detailed discussion of the Nonprofit Facilities, please see our previous blogs.

The Nonprofit Facilities support lending to small and medium-sized nonprofit organizations through the purchase of participation interests in Eligible Loans originated by Eligible Lenders for the benefit of Eligible Borrowers. The Reserve Bank has set up a special purpose vehicle, MS Facilities LLC (the “SPV”) to facilitate the purchase of such participation interests. Eligible Lenders interested in participating in the Nonprofit Facilities may now submit a request for the SPV to purchase a participation interest in an Eligible Loan through the Federal Reserve’s online Main Street Lender Portal.