Money Makers Mentor

Main Street Lending Program Increases Access to Credit for Nonprofits

Nonprofit organizations can now access new loans up to $35 million and expanded loans up to $300 million through the Main Street Lending Program. The program supports lending for small and medium-sized businesses and nonprofits in response to the COVID-19 pandemic.

The Federal Reserve announced on July 17 that nonprofits, which include educational institutions like universities, hospitals and social service organizations, can access more credit through the program. In addition, more nonprofits can participate through less restrictive eligibility criteria, the Fed said.

“Nonprofits provide vital services across the country and employ millions of Americans,” Federal Reserve Chair Jerome H. Powell said in the announcement. “We have listened carefully and adapted our approach so that we…

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