NEW YORK (Reuters) – Since registration opened in mid-June, 509 financial institutions have signed up with the Main Street Lending Program, Boston Federal Reserve Bank president Eric Rosengren said on Friday.
Over $530 million in potential loans are active in the Main street portal as of August 4, including $109 million in settled loans with commitments for purchase, Rosengren said in remarks prepared for a Congressional hearing https://www.youtube.com/watch?v=7PCmEFhAIFM about the program starting at 10 a.m.
The $600 billion loan program for small and medium sized businesses has seen low uptake in its early weeks, but Rosengren said he would expect more businesses to turn to the program if the economy worsens.
“The eventual size of the Program will be determined by the path of the pandemic and the economy, generally,” he said.
Read the rest of his testimony on bostonfed.org https://www.bostonfed.org/news-and-events/speeches/2020/prepared-testimony-for-the-congressional-oversight-commission.aspx.
(Reporting by Jonnelle Marte; Editing by Nick Zieminski)