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:
This expanded access to the Main Street Lending Program has the potential to provide much-needed capital to Indian Country.
- Have 15,000 employees or fewer
- Or had 2019 annual revenues of $5 billion or less