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August 10, 2020

Federal loan program for mid-sized firms off to a slow start; only a fraction of $600B lent

  • A top official said the Main Street program will likely expand significantly in the coming months.
    • By MARTIN CRUTSINGER
    AP Economics Writer

    WASHINGTON — A top Federal Reserve official on Friday defended the central bank’s efforts to launch a Main Street lending program and said the small number of loans approved so far would likely expand by a significant amount in coming months, especially if the pandemic worsens.

    While the Fed reported last week that the program has only made eight loans so far totaling $76.9 million, Eric Rosengren, president of the Federal Reserve’s regional bank in Boston, told a congressional oversight panel on Friday that more up to date information showed that 54 loans were being considered totaling a potential $530 million.


     
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