Here are the banks taking new customers through the Fed’s main street lending program: by theothersarahh
the Main Street Lending facility twice since it was announced in March in order to make the loans more accessible to more companies. Those changes were in part prompted by public concern that too-strict terms might deter borrowers and lenders from participating. The program now offers five year loans ranging from $250,000 to $300 million, with no principal payments required for the first two years.
The Fed, with a $75 billion backstop from the Treasury Department, will buy 95% of certain Main Street loans to take the pressure off banks’ balance sheets. The Fed is bound by a long-standing mandate to avoid risky investments and ensure the money it lends is repaid in full— that’s why Federal Reserve Chair Jerome Powell has called the Main Street program “far and away the biggest challenge” the Fed has faced during the coronavirus recession.
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