Federal Reserve Publishes Initial Listing of Lenders Accepting New Business Customers Under the Main Street Lending ProgramBy: Timothy P. Manning
July 9, 2020
On July 8, 2020, the Federal Reserve of Boston (the “Federal Reserve”) published a state-by-state listing of lenders participating in the Main Street Lending Program (the “Program”) who are currently accepting applications from new business customers, and also elect to be listed. The Listing of Lenders Accepting New Business Customers can be viewed here.
The Federal Reserve has stated that this listing will be updated regularly as additional lenders who are accepting applications from new business customers complete the registration process for the Program. The Federal Reserve also encouraged prospective borrowers to inquire about loans under the Program with their existing financial institution, as well as those on the listing as some lenders might choose not to be listed.
The Federal Reserve reiterated that these participating lenders are the key to the Program as they will assess a borrower for eligibility under the Program and their own underwriting standards.
For more information on the Program, see prior Alerts (linked below). Morse will continue to follow developments related to the Program, and will report as appropriate.