Reopening for business adapt to new normal in the novel Coronavirus COVID-19 pandemic. Rear view of business owner wearing medical mask placing open sign "OPEN BUSINESS AS NEW NORMAL" on front door.
Reopening for business adapt to new normal in the novel Coronavirus COVID-19 pandemic. Rear view of business owner wearing medical mask placing open sign "OPEN BUSINESS AS NEW NORMAL" on front door.

NCUA encourages credit unions to participate in Main Street Lending

The NCUA is encouraging credit unions to participate in the Federal Reserve System’s Main Street Lending Program, administered by the Federal Reserve Bank of Boston. The program is designed to help credit flow to small- and medium-sized businesses that were in sound financial condition before the onset of the COVID-19 crisis, but now need loans to help maintain their operations until they have recovered from, or adapted to, the impacts of the pandemic.

Because the Federal Reserve provides 95% of the loan and the credit union provides 5%, credit unions can assist their members with minimal risk exposure. The credit union will service the loan.

The program offers five-year loans with floating rates and principal and interest payments deferred to assist businesses facing temporary cash flow interruptions. With businesses of all sizes facing challenges during the pandemic, loans range from $250,000 to $300 million and are intended to support a broad set of employers.

Click here for more information on the program. 

Written by
Cara Clark
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The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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