IBS Investment Bank today announced that it extended its Banker Portal® to collaborate with depository banks under Mainstreet Lending Program.
FORT LAUDEDALE, FLORIDA, UNITED STATES, June 24, 2020 /EINPresswire.com/ — — Fort Lauderdale-based private equity firm IBS Investment Bank, and its originations arm Institutional Banking Services, N.A. CORP (IBS, N.A.) today announced that it extended its proprietary Banker Portal® to collaborate with depository banks in efficiently responding to the inflow of Mainstreet Lending Program (MSLP) loan requests.
On March 27, 2020, the CARES Act was activated by the federal government to support small businesses that have been adversely impacted by the COVID-19 pandemic. Unlike its predecessors, the Economic Injury Disaster Loan and the Payment Protection Program which aimed at smaller companies, the MSLP is the first federal relief program targeting lower middle-market companies. The MSLP leverages the Department of Treasury’s $75 billion equity investment into the CARES Act to provide up to $600 billion in rescue capital.
In 2012, IBS, N.A. launched its automated Banker Portal® to provide depository institutions financing participations, transactional support, streamlined bi-lateral referrals, and special assets servicing. Today, IBS, N.A. maintains active agreements with over 85 depository banks. In addition to serving as a designated placement agent for its portfolio companies, the firm is “backstopping” all MSLP requests with its robust balance sheet.
“IBS, N.A. remains well-capitalized to meet the needs of our portfolio clients. We hope that the Federal Reserve will consider investment participation from non-bank lenders in the near future. Meanwhile, we anticipate a high volume of referrals from our banking partners seeking support for applicants who are not a fit for the MSLP. In-kind, we are thrilled to serve as their placement agent under the MSLP for applicants seeking to participate in this history-making financing program” IBS, N.A. Chief Investment Officer Jason Jackson told reporters.
About IBS, N.A. CORP
IBS Investment Bank, a division of Institutional Banking Services, North America CORP (IBS, N.A.) is a privately held institutional banking firm dedicated to providing investment management, advisory, corporate and real estate finance, asset acquisition and management, and human capital services to its institutional clients. For more information visit www.myinstitutionalbanking.com or www.ibsinvestmentbank.com or www.IBSREICO.com
About the SBA Payment Protection Program
The Federal Reserve established the Main Street Lending Program (MSLP) to support lending to small and medium-sized businesses that were in sound financial condition before the onset of the COVID-19 pandemic. The Program will operate through three facilities: the Main Street New Loan Facility (MSNLF), the Main Street Priority Loan Facility (MSPLF), and the Main Street Expanded Loan Facility (MSELF). To learn more about the MSLP visit https://www.federalreserve.gov/monetarypolicy/mainstreetlending.htm
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Source: EIN Presswire