BofA, Wells Fargo Make Rare Loans in Fed’s Main Street Program

Two of the country’s biggest banks have made loans through the Federal Reserve’s Main Street Lending Program, which aims to help small- to mid-size businesses weather the pandemic, according to a Monday disclosure of program data through the end of October.

Bank of America, the country’s second-largest bank by assets, extended two existing loans using the central bank’s Expanded Loan Facility, and Wells Fargo, the fourth-largest bank, made three loans to companies via a branch in Sioux Falls, South Dakota. All five of the big bank loans were for multiple millions of dollars and one of the Bank of America ...