Hoeven: Federal Reserve Expands Main Street Lending Program to Benefit Small & Mid-Sized Businesses

WASHINGTON – Senator John Hoeven today issued the following statement after the Federal Reserve Board announced that it is further expanding its Main Street Lending Program to benefit more small and mid-sized businesses. The Fed is lowering the minimum loan amounts, while also increasing loan maximums, extending the length of the loan terms and providing a two-year moratorium on principal payments for all loan facilities. Interest payments are deferred for one year. 

These changes align with Hoeven’s efforts to ensure businesses in North Dakota have access to credit and follow an earlier expansion to the loan facilities. Additional details on the Main Street Lending Program can be found here

“These are welcome changes that will help ensure a wider range of businesses can benefit from the Main Street Lending Program,” said Hoeven. “Access to credit is an important tool for maintaining these businesses’ operations and will support a stronger recovery as we continue to safely re-open the economy. We want to ensure that our state’s businesses have access to capital.”