New Orleans City Business | Federal Reserve expands Main Street loan program to smaller firms

The Federal Reserve will reduce the minimum loan level in its small business lending program and waive some fees to try to boost participation in a program that has so far provided little assistance to struggling companies.

The Fed announced Friday that it will support loans of as low as $100,000 in its Main Street Lending Program, down from an earlier minimum of $250,000. The Main Street program seeks to support small and mid-sized businesses by buying 95% of a loan from participating banks. This is intended to limit the risk to banks and encourage them to lend more.

Read the full New Orleans City Business article.

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