Federal Reserve Establishes Main Street Lending Program:
Last Updated on May 19, 2020 at 11:47am | COVID-19
The Federal Reserve has announced that it is establishing a Main Street Lending Program
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 the following three facilities:
Eligible businesses must have 15,000 or fewer employees or had 2019 revenues of $5 billion or less. The minimum loan amount is $500,000.
Once the program is operational, interested small- and medium-sized businesses can apply for program loans by contacting an eligible lender. A description of eligible lenders can be found in the program term sheets.
Participation in loans will be purchased by the Federal Reserve Bank of Boston.
For inquiries regarding the Main Street Lending Program please email: email@example.com