More fed fun The central bank said Monday it is lowering the initially stated minimum loan and raising the maximum that can be borrowed, plus is expanding the loan terms to five years. The program is part of the Fed’s efforts to get money to small- and medium-sized businesses hurt during the coronavirus-induced recession. https://www.cnbc.com/2020/06/08/fed...-allow-for-both-smaller-and-bigger-loans.html
Fed lowers minimum loan amount to $250K from $500K Maximum loan size rises to $300M from $200M Extends duration of loans to 5 years from 4 years Defers first payments and interest to 2 years rather than 1 Lowers bank participation rate to 5% on all loans vs most loans Lenders encouraged to make main street facility loans immediately once registered for program Hey, anyone selling their business in need for a $300M FED loan? Call 1-800-BORROW-FROM-THE-FED
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