Federal Reserve releases preliminary list of Main Street lenders

FIVE BANKS in Rhode Island are accepting applications from new business customers for the Main Street Lending Program, according to a list published by the Federal Reserve Bank of Boston. AP FILE PHOTO/PATRICK SEMANSKY

PROVIDENCE – Five banks in Rhode Island are accepting applications from new business customers for the Main Street Lending Program, according to a list published on July 8 by the Federal Reserve Bank of Boston.

The list includes Bank of America Corp., BankFive, Citizens Bank, People’s United Bank and Santander Bank. TD Bank and Webster Bank also told Providence Business News they were planning to participate, although they are not listed on the Federal Reserve’s website.

The $600 billion program launched by the Federal Reserve aims to help small to medium-sized businesses through low-interest loans of at least $250,000. Unlike the federal Paycheck Protection Program, these funds are not forgivable, but they can be used for a wider range of expenses than just payroll costs.

Nancy Lavin is a staff writer for PBN. Contact her at Lavin@PBN.com.

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