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

Nov. 9, 2020, 5:33 PM

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 ...