Fed’s program for loaning to Main Street off to slow start
WASHINGTON (AP) — The Federal Reserve’s Main Street lending program is off to a slow start.
Banks are showing a surprising lack of interest in the program, while businesses are having a hard time accessing it. Fed officials say more than 200 banks have signed up to participate since the program began two weeks ago, but that’s a small slice of the nation’s roughly 8,000 lenders. And none have made any loans yet.
The Fed has come under criticism from a congressional watchdog for quickly taking steps to ease the flow of credit for large corporations but doing little for smaller companies.