Fed expands Main Street Lending Program

by NAFCU Newsroom

The Federal Reserve Monday announced changes to its Main Street Lending Program – a collection of facilities established as part of the Fed’s effort to support the economy and businesses amid the coronavirus pandemic – to allow more small and mid-sized businesses access to funds.

The Fed announced in April that it would provide up to $2.3 trillion in loans to businesses, households, and state and local governments through new and expanded programs and facilities. The Fed, in Monday’s announcement, indicated it is also working to establish a program for nonprofit organizations.

The changes to the Main Street Lending Program include:

  • lowering the minimum loan size for certain loans from $500,000 to $250,000;
  • increasing the maximum loan size for all facilities;

 

continue reading »