Middle-market companies say the Federal Reserve's $600 billion Main Street Lending Program has failed to produce promised relief due to onerous terms and low availability, according to a report from Bloomberg News. Sources tell Bloomberg that stringent terms and a dearth of banks willing to participate have left many companies unable to benefit from the federally insured lifeline financing program.
Bloomberg notes that only 0.2% of the $600 billion earmarked under the Main Street Lending Program has made its way into business coffers.
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