Advocacy on the Move
Heads up, Credit Unions: Feds “Days Away” from Lending Resources for Midsized Companies
May 29, 2020
The Federal Reserve will soon open its emergency lending program for “midsized” businesses. Credit unions can process these funds but may not receive them.
The program is “designed to support medium-sized and small businesses and their employees…during the current period of financial strain, but supporting the provision of credit to such businesses,” according to the agency’s news release.
Fed Chair Jerome Powell said under the “Main Street” program the central bank would buy the majority of a financial institution’s loan to a company with up to 15,000 employees or up to $5 billion in annual revenue.
More information is available here.
Posted in Advocacy on the Move.