A Starion Bank branch in Madison is the first to process a loan through the Federal Reserve’s Main Street Lending Program, according to a story in the Wisconsin State Journal. The North Dakota-based bank closed the $12.3 million loan for a dental business with several practices across Wisconsin.
The program allows banks to make loans to borrowers that meet the Fed’s criteria and then the central bank purchases 95% of the loan to reduce the bank’s risk. The Main Street Lending Program’s goal is to help businesses that are struggling now but were successful before the pandemic.
