The Federal Reserve Bank of Boston announced the Main Street Lending Program is fully operational and, ready to purchase participation in eligible loans that are submitted to the program by registered lenders. The Federal Reserve encourages lenders to begin submitting qualifying loans.
The program offers five-year loans to help credit flow to small- and medium-sized businesses that were in solid financial condition prior to the coronavirus pandemic. The program requires lenders to assess a borrower for a loan based on meeting the terms of the program and the lenders' own underwriting standards, as part of evaluating financial condition and creditworthiness.
