Fed expands Main Street Lending Program

This story appeared in Bank Digest.

Federal Reserve Board has expanded its Main Street Lending Program to allow more small and medium-sized businesses to be able to receive support. The changes include: (1) lowering the minimum loan size for certain loans to $250,000 from $500,000; (2) increasing the maximum loan size for all facilities; (3) increasing the term of each loan option to five years (from four years); and (4) extending the repayment period for all loans by delaying principal payments for two years (rather than one).