The Federal Reserve made several changes to the Main Street Lending Program on Monday that should result in more businesses being able to participate; it lowered the minimum loan from $500,000 to $250,000, extended the loan term from four years to five years and increased the amount of time principal payments can be deferred from one year to two years; it also made changes to appeal to lending banks increasing the amount the Fed will purchase of each loan from 85% to 95%; the program is set to begin very soon. Banking Dive
Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.