IRVINE, Calif., Aug. 4, 2020 /PRNewswire/ -- Sunwest Bank, a privately held, entrepreneurial business bank serving the Western United States, today announced open registration for the Federal Reserve's new Main Street Lending Program. The program aims to help businesses, with up to 15,000 employees or up to $5 billion in annual revenue, stay afloat amid the Coronavirus pandemic.
The Main Street Lending Program will operate through three facilities (businesses may only apply to one): the Main Street New Loan Facility (MSNLF), the Main Street Priority Loan Facility (MSPLF) and the Main Street Expanded Loan Facility (MSELF). The minimum loan size is $250,000 while the maximum loan size is $300 million. Principal payments would be fully deferred for the first two years of the loan and interest payments would be deferred for one year. For more information on the specific loan terms, eligibility and more, click here.
"Sunwest is already active with the Main Street Lending Program, offering assistance to existing and new clients across our western footprint," said Carson Lappetito, Sunwest Bank President. "Just as we did with the PPP program, we have created a streamlined application process and respond to requests in an efficient manner to bring in much-needed capital to the area. The program is geared for small and medium-sized businesses. At Sunwest, we believe in helping entrepreneurs achieve their American dream and giving back to our community."
Founded in 1969, Sunwest Bank is a privately held commercial bank with more than $1.3 Billion in assets. Headquartered in Irvine, CA, with operations in California, Arizona, Idaho and Utah; Sunwest is an entrepreneurial business bank with a long tradition of providing excellent service to entrepreneurs, privately held corporations, family offices, small-medium sized business and real estate developers throughout the Western United States. Sunwest Bank is a Member FDIC and Equal Housing Lender. More information about Sunwest Bank and its full line of products and services is available at www.sunwestbank.com.