Fed announces it is seeking public comment to...>

FED: Fed announces it is seeking public comment to expand its Main Street

Lending Program to provide credit to nonprofits. "Nonprofit organizations are

critical parts of our economy, employing millions of people, providing essential

services to communities, and supporting innovation and the development of a

highly skilled workforce," Chair Jay Powell said in a statement. 

* The "Nonprofit Organization New Loan Facility," or NOELF, has a proposed

5-year term loan, minimum loan size of USD250,000, maximum loan size of USD300

million. 

* For nonprofits with a minimum of 50 and maximum of 15,000 employees, that have

been in operation at least 5 years and there is an endowment cap of USD3

billion. 

* Rate: LIBOR + 3%

* Interest payments: Deferred for one year

* Risk retention: 5%

* Principal repayment: Principal deferred for two years; years 3-5: 15%, 15%,

70%