The Federal Reserve has finally opened up the Main Street Lending Program for registration; this is the program targeted towards medium sized businesses up to 15,000 employees and $5 billion in annual revenue; the popular Paycheck Protection Program was only available to companies with less than 500 employees; participating banks “are encouraged to begin making Main Street program loans immediately” according to the press release from the Boston Fed which is administering the program; the Fed will start purchasing a 95% stake in all loans made through the program soon; changes were made to the program just last week lowering the minimum loan amount to $250,000 from $500,000 and extended the loan terms from four to five years. American Banker
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.