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Lending program to expand to assist nonprofits

BISMARCK – Sen. Kevin Cramer, a Senate Banking Committee member, issued the following statement on the Federal Reserve Board expanding the Main Street Lending Program on Friday to provide nonprofit organizations greater access to credit:

“Nonprofits provide invaluable and irreplaceable help to countless Americans. It is imperative we ensure their survival. I am glad to see Treasury Secretary Mnuchin and Federal Reserve Chairman Powell make these changes, and I urge North Dakota’s nonprofits to see if these loan options work for them.”

Cramer and his colleagues called on Senate leadership to include nonprofits in the next relief package. U.S. Secretary of the Treasury Steven Mnuchin approved this expansion of the Main Street Lending Program on Friday.

According to the Federal Reserve, Main Street nonprofit loan terms generally mirror those for Main Street for-profit business loans. Nonprofits will be eligible for two loan options.