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ClosedPrivate Credit Southeastern United States
Main Street Business Credit Fund I
The predecessor credit fund — 48 consecutive monthly distributions, notes matured and repaid in full.
Sponsored by Main Street Capital Strategies 204 members participatingLast updated Dec 20, 2025
Overview
Executive Summary
Main Street Business Credit Fund I originated senior-secured small-business loans across the Southeast from 2022 to 2025. The fund paid 48 consecutive monthly distributions at a 9.6% average annual yield and repaid all member notes in full at maturity in December 2025. Fund II, currently open, follows the same strategy.
Project Description
A diversified book of 31 first-lien, personally guaranteed small-business loans.
Market Opportunity
Regional bank consolidation pushed quality small-business borrowers to private lenders at premium rates.
Investment Thesis
Short-duration, collateralized monthly income from a manager with a two-decade underwriting record.
Current Status
Completed. Members were offered priority access to Fund II.
Investment Highlights
48-for-48 distributions
Every scheduled monthly distribution was paid across the fund's life.
Full principal repayment
All member notes repaid at maturity in December 2025.
9.6% realized average yield
Delivered within 10 basis points of the original target.
Zero principal losses
One workout position was recovered in full through collateral.
Investment Terms
- Offering entity
- Main Street Business Credit Fund I, LLC
- Investment type
- Debt / Note
- Security type
- Fund Notes
- Minimum investment
- $10,000
- Maximum investment
- $250,000
- Target raise
- $2,500,000
- Maximum raise
- $2,500,000
- Price per unit
- $1,000
- Target annual return
- 9.6%
- Target hold period
- 3 years
- Distribution frequency
- Monthly
- Offering deadline
- Dec 15, 2022
- Accreditation
- Open to all approved members
Financials
Sponsor projections — explore how the numbers move under different scenarios.
The sponsor's underwritten projection. All figures are sponsor projections.
Projected Revenue vs. Expenses
Projected Investor Distributions
| Five-Year Forecast | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|
| Revenue | $292,000 | $303,680 | $315,827 | $328,460 | $341,599 |
| Expenses | $49,640 | $51,626 | $53,691 | $55,838 | $58,072 |
| Operating Income | $242,360 | $252,054 | $262,136 | $272,622 | $283,527 |
| Cash Flow | $208,430 | $216,766 | $225,437 | $234,455 | $243,833 |
| Distributions | $202,177 | $210,263 | $218,674 | $227,421 | $236,518 |
Capital Stack
Total capitalization $2,500,000
Member Equity (The Circle)$2.5M · 100%
Sponsor Co-Investment$0 · 0%
Est. stabilized value
$2.5M
Projected exit value
$2.5M
Sources & Uses
Sources
- Member Fund Notes$2.5M
- Total$2.5M
Uses
- Loan Originations$2.4M
- Loss Reserve$75K
- Fund Administration$50K
- Total$2.5M
Model your investment
Your investment$20,000
$10,000 min20 units @ $1,000$250,000 max
Per monthly payment
$160
Projected annual income
$1,920
Income over 3 yrs
$5,760
Projected value, yr 3
$26,331 · 1.32x
Portfolio fit: Private Credit would move from 21% to 26% of your committed portfolio with this investment.
Illustrative projection compounding the base scenario of the sponsor's target return over the full hold. Estimates only — never a guarantee.
Business Plan
Business Model
Interest income from a diversified senior-secured loan book funding fixed monthly member distributions.
Use of Funds
Loan originations across 31 positions. Fully realized.
Potential Exit Strategy
Realized: notes matured and repaid in full, December 2025.
Sponsor
Main Street Capital Strategies originates senior-secured loans to established small businesses across the Southeast, targeting monthly income for members. Every loan is first-lien, personally guaranteed, and underwritten against historical — not projected — cash flow.
24
Years experience
310
Completed projects
74
Current projects
$129M
Total project value
Team
- RE
Robert Ellison · Chief Investment Officer
Former commercial-bank credit chief; $1B+ in originated small-business credit.
- DW
Dana Whitcomb · Head of Underwriting
Leads a five-person credit team; lifetime realized loss rate under 1%.
Previous projects
Credit Fund Predecessor (2019–2023)
48 consecutive monthly distributions; 9.6% average annual yield
Track record provided by the sponsor. Past performance does not predict future results.
Documents
The complete document room for this offering.
Project Timeline
Sep 1, 2022
Opportunity Announced
Opportunity introduced to The Circle with preliminary materials.
Sep 15, 2022
Member Preview Opened
Full data room, financial model, and sponsor Q&A opened to members.
Oct 1, 2022
Offering Opened
Commitments accepted from approved members.
Dec 15, 2022
Target Funding Date
Offering expected to reach its target raise.
Jan 15, 2023
Loan Book Deployment
Capital deployed and the project moves into execution.
Aug 31, 2023
Fully Deployed (31 Loans)
Key operating milestone on the path to stabilized performance.
Feb 1, 2023
Projected First Distribution
First member distribution expected, subject to performance.
Matured Dec 2025
Projected Exit Window
Targeted period for sale, refinance, or other liquidity event.
Updates
Updates begin once the offering opens. Members receive notifications for every update.
Risks
Private investments involve substantial risk, including illiquidity and possible loss of the entire amount invested. Read every factor below before committing. Projected returns are estimates only and are not guaranteed.
Market Risk
Economic conditions, interest rates, and local market dynamics may change and could reduce revenue, valuations, or the pace of lease-up and sales relative to projections.
Liquidity Risk
This is a private investment with no public market. Members should expect to hold their investment for the full target hold period; early liquidity is not guaranteed and may not be available at all.
Loss of Capital
Private investments involve substantial risk, including the possible loss of the entire amount invested. Members should only commit capital they can afford to lose.
Projection Risk
All financial projections shown are illustrative demonstration estimates prepared by the sponsor. Actual results will differ, and the difference may be material.
Sponsor & Execution Risk
Performance depends heavily on the sponsor's ability to execute the business plan, retain key personnel, and manage costs. Departure of key team members could adversely affect results.
Regulatory Risk
Changes in zoning, licensing, tax, or securities regulation could affect the project's operations, timeline, or member distributions.
Economic Risk
Recession, inflation, labor shortages, or credit-market disruption could increase costs or reduce demand beyond what the sponsor has underwritten.
Exit Risk
The projected exit depends on market conditions at the time of sale or refinance. A delayed or lower-value exit would extend the hold period and reduce returns.
Questions
Frequently asked
Ask the sponsor
Questions and sponsor answers are visible to all members reviewing this offering.
Prefer a conversation?
Book a 15-minute call with the sponsor team about this offering.
Sponsor presentations and group Q&As are listed on the member events calendar.
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