Merchants Capital Tax Credit Equity Fund 20 D $100.00 mm in equity, sold $100.00 mm, 6 investors

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM D

Notice of Exempt Offering of Securities

OMB APPROVAL

OMB Number:	3235-0076
Estimated average burden
hours per response:	4.00

1. Issuer's Identity

CIK (Filer ID Number)

Previous Names

X None

Entity Type

0002026137

	Corporation
	Limited Partnership
X	Limited Liability Company
	General Partnership
	Business Trust
	Other (Specify)

Name of Issuer

Merchants Capital Tax Credit Equity Fund 20, LLC

Jurisdiction of Incorporation/Organization

INDIANA

Year of Incorporation/Organization

	Over Five Years Ago
X	Within Last Five Years (Specify Year)	2023
	Yet to Be Formed

2. Principal Place of Business and Contact Information

Name of Issuer
Merchants Capital Tax Credit Equity Fund 20, LLC
Street Address 1		Street Address 2
410 MONON BLVD.
City	State/Province/Country	ZIP/PostalCode	Phone Number of Issuer
CARMEL	INDIANA	46032	3177355842

3. Related Persons

Last Name	First Name	Middle Name
Merchants Bank of Indiana	N/A
Street Address 1	Street Address 2
410 Monon Blvd
City	State/Province/Country	ZIP/PostalCode
Carmel	INDIANA	46032

Relationship: Executive Officer Director X Promoter

Clarification of Response (if Necessary):

Merchants Bank of Indiana is an affiliate of the issuer.

Last Name	First Name	Middle Name
Merchants Capital Investments, LLC	N/A
Street Address 1	Street Address 2
410 Monon Blvd
City	State/Province/Country	ZIP/PostalCode
Carmel	INDIANA	46032

Relationship: Executive Officer Director X Promoter

Clarification of Response (if Necessary):

Merchants Capital Investments, LLC (MCI) is the sole owner of the managing member of the issuer.

Last Name	First Name	Middle Name
MCI Fund 20 Manager, LLC	N/A
Street Address 1	Street Address 2
410 Monon Blvd
City	State/Province/Country	ZIP/PostalCode
Carmel	INDIANA	46032

Relationship: Executive Officer Director X Promoter

Clarification of Response (if Necessary):

MCI Fund 20 Manager, LLC is the managing member of the issuer.

Last Name	First Name	Middle Name
Dury	Michael
Street Address 1	Street Address 2
410 Monon Blvd
City	State/Province/Country	ZIP/PostalCode
Carmel	INDIANA	46032

Relationship: X Executive Officer Director Promoter

Clarification of Response (if Necessary):

Michael Dury is the president and chief executive officer of MCI.

Last Name	First Name	Middle Name
Hill	Linda
Street Address 1	Street Address 2
410 Monon Blvd
City	State/Province/Country	ZIP/PostalCode
Carmel	INDIANA	46032

Relationship: X Executive Officer Director Promoter

Clarification of Response (if Necessary):

Linda Hill is an executive vice president of MCI.

Last Name	First Name	Middle Name
Sharp	Julie
Street Address 1	Street Address 2
410 Monon Blvd
City	State/Province/Country	ZIP/PostalCode
Carmel	INDIANA	46032

Relationship: X Executive Officer Director Promoter

Clarification of Response (if Necessary):

Julie Sharp is an executive vice president of MCI.

Last Name	First Name	Middle Name
Oznick	Terry
Street Address 1	Street Address 2
410 Monon Blvd
City	State/Province/Country	ZIP/PostalCode
Carmel	INDIANA	46032

Relationship: X Executive Officer Director Promoter

Clarification of Response (if Necessary):

Terry Oznick is a senior vice president of MCI.

Last Name	First Name	Middle Name
Messmann	Christopher
Street Address 1	Street Address 2
410 Monon Blvd
City	State/Province/Country	ZIP/PostalCode
Carmel	INDIANA	46032

Relationship: X Executive Officer Director Promoter

Clarification of Response (if Necessary):

Christopher Messmann is a senior vice president of MCI.

Last Name	First Name	Middle Name
Thompson	Ryan
Street Address 1	Street Address 2
410 Monon Blvd
City	State/Province/Country	ZIP/PostalCode
Carmel	INDIANA	46032

Relationship: X Executive Officer Director Promoter

Clarification of Response (if Necessary):

Ryan Thompson is a vice president of MCI.

4. Industry Group

Agriculture Banking & Financial Services Commercial Banking Insurance Investing Investment Banking Pooled Investment Fund Is the issuer registered as an investment company under the Investment Company Act of 1940? Yes No Other Banking & Financial Services Business Services Energy Coal Mining Electric Utilities Energy Conservation Environmental Services Oil & Gas Other Energy

Health Care Biotechnology Health Insurance Hospitals & Physicians Pharmaceuticals Other Health Care Manufacturing Real Estate Commercial Construction REITS & Finance Residential X Other Real Estate

Retailing Restaurants Technology Computers Telecommunications Other Technology Travel Airlines & Airports Lodging & Conventions Tourism & Travel Services Other Travel Other

5. Issuer Size

Revenue Range		OR	Aggregate Net Asset Value Range
	No Revenues			No Aggregate Net Asset Value
	$1 - $1,000,000			$1 - $5,000,000
	$1,000,001 - $5,000,000			$5,000,001 - $25,000,000
	$5,000,001 - $25,000,000			$25,000,001 - $50,000,000
	$25,000,001 - $100,000,000			$50,000,001 - $100,000,000
	Over $100,000,000			Over $100,000,000
X	Decline to Disclose			Decline to Disclose
	Not Applicable			Not Applicable

6. Federal Exemption(s) and Exclusion(s) Claimed (select all that apply)

	Rule 504(b)(1) (not (i), (ii) or (iii))
	Rule 504 (b)(1)(i)
	Rule 504 (b)(1)(ii)
	Rule 504 (b)(1)(iii)
X	Rule 506(b)
	Rule 506(c)
	Securities Act Section 4(a)(5)

Investment Company Act Section 3(c)

Section 3(c)(1) Section 3(c)(9)  

Section 3(c)(2) Section 3(c)(10)

Section 3(c)(3) Section 3(c)(11)

Section 3(c)(4) Section 3(c)(12)

Section 3(c)(5) Section 3(c)(13)

Section 3(c)(6) Section 3(c)(14)

Section 3(c)(7)

7. Type of Filing

X	New Notice	Date of First Sale	2024-06-05	First Sale Yet to Occur
	Amendment

8. Duration of Offering

Does the Issuer intend this offering to last more than one year? Yes X No

9. Type(s) of Securities Offered (select all that apply)

X	Equity	Pooled Investment Fund Interests
	Debt	Tenant-in-Common Securities
	Option, Warrant or Other Right to Acquire Another Security	Mineral Property Securities
	Security to be Acquired Upon Exercise of Option, Warrant or Other Right to Acquire Security	Other (describe)

10. Business Combination Transaction

Is this offering being made in connection with a business combination transaction, such as a merger, acquisition or exchange offer? Yes X No

Clarification of Response (if Necessary):

11. Minimum Investment

Minimum investment accepted from any outside investor $2,500,000 USD

12. Sales Compensation

Recipient	Recipient CRD Number None
BofA Securities, Inc.	283942
(Associated) Broker or Dealer X None	(Associated) Broker or Dealer CRD Number X None
None	None
Street Address 1	Street Address 2
One Bryant Park
City	State/Province/Country	ZIP/Postal Code
New York	NEW YORK	10036
State(s) of Solicitation (select all that apply) Check “All States” or check individual States X All States	Foreign/non-US

13. Offering and Sales Amounts

Total Offering Amount	$100,000,000	USD	or Indefinite
Total Amount Sold	$100,000,000	USD
Total Remaining to be Sold	$0	USD	or Indefinite

Clarification of Response (if Necessary):

14. Investors

Select if securities in the offering have been or may be sold to persons who do not qualify as accredited investors, and enter the number of such non-accredited investors who already have invested in the offering.

Regardless of whether securities in the offering have been or may be sold to persons who do not qualify as accredited investors, enter the total number of investors who already have invested in the offering:

6

15. Sales Commissions & Finder's Fees Expenses

Provide separately the amounts of sales commissions and finders fees expenses, if any. If the amount of an expenditure is not known, provide an estimate and check the box next to the amount.

Sales Commissions	$750,000	USD	Estimate
Finders' Fees	$0	USD	Estimate

Clarification of Response (if Necessary):

16. Use of Proceeds

Provide the amount of the gross proceeds of the offering that has been or is proposed to be used for payments to any of the persons required to be named as executive officers, directors or promoters in response to Item 3 above. If the amount is unknown, provide an estimate and check the box next to the amount.

$25,000,000

USD

Estimate

Clarification of Response (if Necessary):

The issuer has incurred a $25,000,000 bridge loan facility from its affiliate, Merchants Bank of Indiana (MBI), and has agreed to pay a loan origination fee of $250,000. MBI is charging an interest rate of 30-day SOFR plus 150bps on amounts outstanding.

Signature and Submission

Please verify the information you have entered and review the Terms of Submission below before signing and clicking SUBMIT below to file this notice.

Terms of Submission

In submitting this notice, each issuer named above is:

• Notifying the SEC and/or each State in which this notice is filed of the offering of securities described and undertaking to furnish them, upon written request, in the accordance with applicable law, the information furnished to offerees.*

• Irrevocably appointing each of the Secretary of the SEC and, the Securities Administrator or other legally designated officer of the State in which the issuer maintains its principal place of business and any State in which this notice is filed, as its agents for service of process, and agreeing that these persons may accept service on its behalf, of any notice, process or pleading, and further agreeing that such service may be made by registered or certified mail, in any Federal or state action, administrative proceeding, or arbitration brought against the issuer in any place subject to the jurisdiction of the United States, if the action, proceeding or arbitration (a) arises out of any activity in connection with the offering of securities that is the subject of this notice, and (b) is founded, directly or indirectly, upon the provisions of:  (i) the Securities Act of 1933, the Securities Exchange Act of 1934, the Trust Indenture Act of 1939, the Investment Company Act of 1940, or the Investment Advisers Act of 1940, or any rule or regulation under any of these statutes, or (ii) the laws of the State in which the issuer maintains its principal place of business or any State in which this notice is filed.

• Certifying that, if the issuer is claiming a Regulation D exemption for the offering, the issuer is not disqualified from relying on Rule 504 or Rule 506 for one of the reasons stated in Rule 504(b)(3) or Rule 506(d).

Each Issuer identified above has read this notice, knows the contents to be true, and has duly caused this notice to be signed on its behalf by the undersigned duly authorized person.

For signature, type in the signer's name or other letters or characters adopted or authorized as the signer's signature.

Issuer	Signature	Name of Signer	Title	Date
Merchants Capital Tax Credit Equity Fund 20, LLC	Lizbelle Aracena	Lizbelle Aracena	By POA from Julie Sharp, Executive Vice President	2024-06-14

Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.

* This undertaking does not affect any limits Section 102(a) of the National Securities Markets Improvement Act of 1996 ("NSMIA") [Pub. L. No. 104-290, 110 Stat. 3416 (Oct. 11, 1996)] imposes on the ability of States to require information. As a result, if the securities that are the subject of this Form D are "covered securities" for purposes of NSMIA, whether in all instances or due to the nature of the offering that is the subject of this Form D, States cannot routinely require offering materials under this undertaking or otherwise and can require offering materials only to the extent NSMIA permits them to do so under NSMIA's preservation of their anti-fraud authority.