The Federal Reserve has announced an expansion of its Main Street Lending program, which is designed to provide larger loans to businesses with fewer than 10,000 employees.
“If you believe that your company would benefit from one of the loan programs listed below, we advise you to promptly get in touch with your lender,” the Auto Care Association said in a communication to its members today.
There are now three categories of Main Street Lending program loans: New Loans, Priority Loans, and Expanded Loans.
The program now offers loans with lower minimum loan amounts, lowered from $1 million to $500,000, as well as a loan option for larger lenders with up to 15,000 employees or up to $5 billion in revenue.
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