A Case for Main Street (MSLP) Borrowers to Refinance
The Main Street Lending Program (“MSLP”), introduced through the CARES Act in 2020, supported lower-middle market businesses who were too...
top of page
Status Update: Main Street Lending Program
As of 04/15/2024
$6.23 bn
Total Balance Outstanding
Of the initial $17.5bn of debt offered though the program, just over $6bn remains. This marks a 65% paydown or payoff by borrowers.
8.31 %
30-day Avg. Interest Rate
Due to rate hikes throughout 2022 and 2023, the average rate on MSLP debt is up 520 bps from the initial 3.1% that borrowers calculated at origination.
$2.1 mm
Average 2024 Debt Service
Borrowers face their second 15% principle paydown in 2024, with the 70% bullet payment kicking in over the next 18 months.
$571 mm
Losses (Net of Recoveries)
Not including loan write-downs and impairments, the federal reserve has realized a total loss of ~$600mm net of subsequent recoveries.
External Resources
Source: Wall Street Journal
Published: Jan 4th, 2021
Source: Federal Reserve of New York
Published: April 11th, 2024
bottom of page