GFA Federal Credit Union

Is the Main Street Lending Program the right solution for your business - let us help

Through the good, the bad and the unknown, our Commercial Banking team is committed to helping your business thrive, by always providing you what we consider – Better Business Banking. The Main Street Lending Program is designed to help credit flow to small and medium-sized businesses that were in sound financial condition before the onset of the COVID-19 crisis, but now may need loans to help maintain their operations until they have recovered from, or adapted to, the impacts of the pandemic. Loans originated under the program have several features that will help businesses facing challenges. The program offers benefits such as 5-year loans, floating rates, and principal and interest payment deferral to assist those experiencing temporary cash flow interruption. The MSLP supports a broad set of employers with loan sizes starting at $250,000 and ranging up to $300 million.

Apply Now

To apply, please click the Apply Now button above to download the application, fill out the form, and submit it to

If you have any questions or need additional assistance please call 978-632-2542 and ask for COVID Business Support, or email

.Main Street Lending Program:

  • Perfect for small and medium-sized businesses.
  • Helps you maintain your business operations with cash flow interruptions.
  • Offers benefits such as:
    • 5-year loans
    • Floating rates
    • Principal and interest payment deferrals
  • Loans ranging from $250,000 up to $300 million.
  • Secured and unsecured loans available.
  • Loans are NOT grants and will need to be paid back.
  • Business must have been established before March 13, 2020.


  • Are all businesses eligible for a Main Street Lending Program loan?

    While many businesses will be eligible, some businesses will not be based on their 2019 EBITDA or their business type (specifically if it’s on the SBA’s ineligible entity list).

  • Can I apply for a Main Street Lending Program loan even if I’ve already gotten a PPP/EIDL loan?

    Yes – this loan will count towards your aggregate outstanding debt.

  • What type of documentation will be required for me to apply?

    GFA Federal Credit Union will need to collect information and underwrite according to traditional commercial lending practices (i.e. tax returns, bank statements, loan bills, rent rolls, etc.).

  • How does the loan amortize after the first 2 years of no principal payments?

    15% of the principal will be paid after year 3, 15% of the principal will be paid after year 4, and 70% (including a balloon) of the principal will be paid at the end of year 5.

  • What can my loan funds be used for?

    You can consolidate existing debt (this may be required) at closing and for helping your business operate through the economic impacts of COVID-19.

EBITDA (earnings before interest, taxes, depreciation, and amortization) Calculation Example

ABC LLC is a landscaping company that has filed their Federal Income Tax Return for 2019 on Form 1065. The business had gross receipts or sales of $975,000 (Line 1) and total income of $975,000 (Line 8) in 2019. Total deductions were $900,000 (Line 21).  ABC LLC reported that they had depreciation expenses of $25,000 (Line 16c) and interest expenses (Line 15) of $50,000.  ABC LLC had a total federal income tax of $15,000 (Line 31). ABC LLC passes along their state income tax to the owners of the business on their personal income tax returns; therefore this tax will not be applicable in EBITDA.

Calculation Breakdown

Net Operating Income   = $75,000 (Line 1 less Line 21)
Depreciation Expense   =  $25,000 (Line 21)
Interest Expense           =  $50,000 (Line 15)
Amortization Expense   =  Not applicable
Federal Income Tax      =  $15,000 (Line 31)
State Income Tax          =  Not applicable
EBITDA                         = $165,000

What is ABC LLC eligible for under MSLP?

New Loan Facility
EBITDA = $165,000 x 4 = $660,00 (minus outstanding debt)
Prioity Loan Facility 
EBITDA = $165,000 x 6 = $990,000 (minus outstanding debt)