The purpose of this guide is to help you get funding faster by collecting all the documents you need to apply for a loan under the MSLP.
Collecting these documents now will help you save time so you can get your funds faster.
Step 1: Review the Main Street Lending Program with your leadership team and advisors. Write down all your questions and discuss them with your leadership team and advisors. Some of the questions you may want to discuss are:
- What Is the maximum amount of money we can borrow?
- Should we extend our current loan or apply for a new loan?
Step 2: Contact your financial advisors and ask them to gather all loan documentation now so you can save time later.
Step 3: Review your 2019 financials to calculate your potential loan amount based on 2019 EBITDA. You can borrow up to 4x EBITDA for New loan, up to 6x EBITDA for Priority Loan, or up to 6x EBITDA or 35% of existing but undrawn bank debt for Existing loan. If you have an existing line of credit or loan, review your current loan terms and outstanding balance or availability. Use the main street lending program calculator to estimate loan amount.
Step 4: Contact your current lender or local FDIC bank to ask them if they are participating in the program.
Step 5: Return to this site to continue to monitor updates for this program and check the Federal Reserve website