WASHINGTON (Reuters) – The U.S. Federal Reserve eased the terms of its “Main Street” lending program on Monday, lowering the minimum loan size from $500,000 to $250,000 and lengthening the term from four to five years to encourage more businesses and banks to participate.
In an announcement, the central bank also encouraged lenders to start making the loans to small- and medium-sized businesses “immediately” once they are registered with the Fed to participate in the program.
(Reporting by Howard Schneider; Editing by Cynthia Osterman)
