The Federal Reserve released its detailed monthly data report yesterday on the Main Street Lending Program. The overall results are beyond disappointing: with just over $4.1 B of the $600 B available in the program lent out. Four hundred twenty loans have been made, with an average loan amount of $9.6 M.
Main Street Loans are not easy to underwrite or administer – yet despite all of the challenges, 127 banks across the country have managed to get at least one Main Street Loan across the finish line. That being said, the top ten banks in the country (ranked by assets) have performed extremely poorly. Only three of the top banks have made eight main street loans in total.
Bank of America has managed to make two Main Street Loans, Wells Fargo has made three, and PNC Bank has made three. The big banks' average loan size is $65.3 M vs. $9.6 M for the overall program. J.P. Morgan, Citibank, and U.S. Bank are nowhere to be found in the data. Once again, America's largest banks cannot get out of their way.