The Federal Reserve is seeing high demand for its business loan initiative put in place to help smaller companies get through the coronavirus-induced recession, Boston Fed President Eric Rosengren said Friday.
As the Main Street lending facility wraps up its first full week of operation, Rosengren reported brisk interest on the borrowing side amid what looks like tepid interest from banks thus far.
“Of course there is a learning curve, but we are seeing tremendous interest in the loans from businesses,” he said in prepared remarks. “Lenders are determining how they’ll participate in and communicate about the program. Borrowers will need to persist during this ramp-up phase.”
The Boston Fed…