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Banks to start offering Main Street Lending Program loans, 6.16.20

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The Federal Reserve Board has officially opened its Main Street Lending Program to small and mid-size businesses and has told lenders to start making loans immediately, according to the Federal Reserve Bank of Boston on June 15.

The Main Street Lending Program was first announced at the end of March 2020 as part of the federal government’s emergency response to the coronavirus pandemic. Loans will range in size from $250,000 to $300 million for an expansion of existing debt.

Business borrowers must apply for the program loans through a participating lender. Information for borrowers is available on the program website.