The Federal Reserve announced it has extended the Main Street Lending Program until Jan. 8. It was scheduled to expire on Dec. 31. The extension will allow the Federal Reserve to process the loan requests submitted to the program by Dec. 14.
The Fed initiated the program in April. The program targets facilitating lending to small- and medium-sized businesses by eligible lenders. National banks, credit unions and other FDIC-insured organizations worked with the Fed to distribute economic relief to businesses.
Under the program, businesses can borrow $100,000 to $35 million over the span of five years. The Fed will buy 95% of all originations with the lender keeping 5% of the originations.
As of Oct. 30, the program originated over 400 loans for $3.7 billion supporting a vari…