The Federal Reserve Board has announced changes designed to make Main Street Lending Program loans available to smaller businesses and not-for-profits.
The board specifically reduced the minimum loan amount on three of the five Main Street loan facilities from $250,000 to $100,000. The board also waived transaction fees for all loans under $250,000.
The Main Street program has made, to date, almost 400 loans – totaling $3.7 billion – to businesses from a wide range of industries financially struggling from the COVID-19 pandemic. Learn more.