ARTICLE
The Federal Reserve Board, announced last night, changes to the Main Street Lending Program which will assist community banks in their efforts to assist local small and medium sized business. Community Banks, under the changes announced by the Federal Reserve, may now issue loans under $250,000. As announced the minimum loan amount under the program was reduced from $250,000 to $100,000. The changes announced by the Reserve would also prevent loans made under the Paycheck Protection Program up to $2 million from counting against a Community Banks maximum required loan amount. These changes will make it easier for community banks to continue to provide the critical support and capital which has allowed so many businesses to remain open. For more information on these changes, click here.
The Federal Reserve Board, announced last night, changes to the Main Street Lending Program which will assist community banks in their efforts to assist local small and medium sized business.
Community Banks, under the changes announced by the Federal Reserve, may now issue loans under $250,000. As announced the minimum loan amount under the program was reduced from $250,000 to $100,000.
The changes announced by the Reserve would also prevent loans made under the Paycheck Protection Program up to $2 million from counting against a Community Banks maximum required loan amount.
These changes will make it easier for community banks to continue to provide the critical support and capital which has allowed so many businesses to remain open.
For more information on these changes, click here.