• Frank Quintero

Main Street Lending Program Expands

The Federal Reserve Board on June 8 expanded its Main Street Lending Program to allow more small and medium-sized businesses to be able to receive support. The Board lowered the minimum loan amount, raised the maximum loan limit, adjusted the principal repayment schedule to begin after two years, and extended the term to five years, providing borrowers with greater flexibility in repaying the loans. The Board expects the Main Street program to be open for lender registration soon and to be actively buying loans shortly afterwards.

The changes include:

  • Lowering the minimum loan size for certain loans to $250,000 from $500,000;

  • Increasing the maximum loan size for all facilities;

  • Increasing the term of each loan option to five years, from four years;

  • Extending the repayment period for all loans by delaying principal payments for two years, rather than one; and

  • Raising the Reserve Bank's participation to 95% for all loans.

Read the Federal Reserve’s full news release here >>

Read CALED’s one-page Main Street Lending Program overview here (PDF) >>

VISIT

City of Merced

Office of Economic Development

678 W 18th St. Merced, CA 95340

CALL

800-723-4788 Toll Free

209-385-6827 Phone

209-723-1780 Fax

CONTACT

Frank Quintero

Director of Economic Development

quinterof@cityofmerced.org

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