Fed Opens Main Street Program for Lender Registration
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The Boston Fed has opened the Main Street program for bank registration, urging banks to start making loans immediately. The program targets medium-sized businesses with up to 15,000 employees or $5 billion in revenue. Loans range from $250,000 to $300 million, with the Fed purchasing 95% of each loan to encourage participation. Concerns remain about whether the program will attract enough participants and if it is timely enough to be effective.
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3 mins • 1 pt
How much of the loans will the Fed buy according to the text?
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What is the significance of banks holding 5% of the loans?
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