Main Street Lending Program

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Main Street Lending Program Overview


Borrower Eligibility

To be eligible to borrow under the Main Street Lending Program, a business or nonprofit organization must satisfy certain eligibility criteria. Additionally, a borrower is subject to the underwriting and creditworthiness determination by M&T Bank in its sole discretion.

FOR-PROFIT BORROWER ELIGIBILITY

Business was created or organized in the U.S. or under the laws of the U.S. prior to March 13, 2020.

Business must have significant operations and a majority of its employees based in the U.S.

Businesses with 15,000 or fewer employees OR up to $5.0 billion in 2019 annual revenues.

Employees and revenues of the business must be aggregated with the employees and revenues of its affiliated entities.

Business is not "ineligible" (as found in 13 CFR 120.110(b)-(j) and (m)-(s), as modified by regulations implementing the Paycheck Protection Program established by section 1102 of the CARES Act ("PPP") on or before April 24, 2020).

Business is not participating in another MSLP Facility or Primary Market Corporate Credit Facility.

Business has not received specific support pursuant to Subtitle A of Title IV of the CARES Act, (specifically 4003(b)(1)-(3)).

For the avoidance of doubt, Businesses that have received PPP loans or an EIDL (Economic Injury Disaster Loan) are permitted to borrow under the Main Street Lending Program Facility, provided that they are Eligible Borrowers.

Business is aware of public disclosure.

The Federal Reserve will disclose information regarding the MSNLF, MSPLF, and MSELF during the operation of the facilities, including information regarding names of lenders and borrowers, amounts borrowed and interest rates charged, and overall costs, revenues and other fees.

Business meets Facility maximum leverage test.

4x adjusted EBITDA for New Loans; 6x adjusted EBITDA for Priority and Expanded Loans.

The portion of any outstanding PPP loan that has not yet been forgiven is counted as outstanding debt for the purposes of the Main Street maximum leverage test.

NONPROFIT BORROWER ELIGIBILITY

For purposes of the Main Street Loan Program, a Nonprofit Organization is a tax-exempt nonprofit organization described in section 501(c)(3) of the Internal Revenue Code or a tax-exempt veterans' organization described in section 501(c)(19) of the Internal Revenue Code.

Nonprofit Organization was established and has been in continuous operation since January 15, 2015.

Nonprofit Organization is created or organized in the U.S. or under the laws of the U.S. with significant operations in and a majority of its employees based in the U.S.

Nonprofit Organization with 15,000 or fewer employees OR up to $5.0 billion in 2019 annual revenues.

Employees and revenues of the nonprofit organization must be aggregated with the employees and revenues of its affiliated entities.

Nonprofit Organization has at least 10 employees.

Nonprofit Organization is not participating in another MSLP Facility, the Primary Market Corporate Credit Facility, or the Municipal Liquidity Facility.

Nonprofit Organization has not received specific support pursuant to Subtitle A of Title IV of the CARES Act.

For the avoidance of doubt, Nonprofit Organizations that have received PPP loans are permitted to borrow under the Main Street Lending Program Facility, provided that they are Eligible Borrowers.

Nonprofit Organizations can provide required certifications and covenants in writing.

FRB Nonprofit New Loan Borrower Certifications and Covenants Coming Soon

FRB Nonprofit Expanded Loan Borrower Certifications and Covenants Coming Soon

Nonprofit Organization is aware of public disclosure.

The Federal Reserve will disclose information regarding the MSNLF, MSPLF, and MSELF during the operation of the facilities, including information regarding names of lenders and borrowers, amounts borrowed and interest rates charged, and overall costs, revenues and other fees.

Nonprofit Organization has an endowment of less than $3 billion.

Nonprofit Organization has total non-donation revenues equal to or greater than 60% of expenses for the period from 2017 through 2019.

Nonprofit Organization has a ratio of adjusted 2019 EBIDA to unrestricted 2019 operating revenue greater than or equal to 2%.

Nonprofit Organization has equal to or greater than 60 days cash on hand.

The ratio is expressed as a number of days of (i) liquid assets at the time of loan origination to (ii) average daily expenses over the previous year, equal to or greater than 60 days.

Nonprofit Organization, at the time of origination, has a ratio of (i) unrestricted cash and investments to (ii) outstanding and undrawn available debt, plus the amount of any loan under the Facility, plus the amount of any CMS Accelerated and Advance Payments, that is greater than 55%.

Eligibility requirements are subject to change, including by further statutory and regulatory enactments and/or guidance from applicable governmental agencies.

All Main Street Lending Program Loans are subject to satisfaction of eligibility requirements for the MSLP government program and underwriting and creditworthiness determination by M&T Bank in its sole discretion. M&T Bank is an Eligible Lender for the Main Street Lending Program.

Disclosures:

All loans and lines of credit are subject to credit approval. Additional terms and conditions may apply.

Unless otherwise specified, all advertised offers and terms and conditions of accounts and services are subject to change at any time without notice. After an account is opened or service begins, it is subject to its features, conditions and terms, which are subject to change at any time in accordance with applicable laws and agreements. Please contact an M&T representative for full details.

Insurance products are offered by M&T Insurance Agency, Inc., not by M&T Bank. Insurance policies are obligations of the insurers that issue the policies. Insurance products may not be available in all states.

The content of this page is for informational purposes only. It is not designed or intended to provide financial, tax, legal, investment, accounting, or other professional advice since such advice always requires consideration of individual circumstances. Please consult with the professionals of your choice to discuss your situation.

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