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ARTICLE · 21 JULY 2020

Main Street Lending Program: 5 Points For Lenders

Reinhart, Boerner, Van Deuren SC
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The Main Street Lending Program (Program) is finally up and running. In addition to the general parameters and terms of the Program – including borrower eligibility and the calculation of the...

United StatesFinance and Banking
Robert Heinrich
Robert Heinrich
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The Main Street Lending Program (Program) is finally up and running. In addition to the general parameters and terms of the Program - including borrower eligibility and the calculation of the maximum loan amount - here are five points specifically for lenders:

  1. Underwriting. The lender is expected to conduct its own underwriting of the borrower and assessment of the borrower's financial condition and creditworthiness. The Program's term sheets spell out the minimum requirements for the Program and do not prohibit the lender from, for example, requiring guaranties. The mere fact that a company is eligible under the Program does not mean that the lender must approve a loan or extend the maximum loan amount.

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