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."
In addition, the Fed now will now buy 95% of the loans, an effort to ease the risk for participating banks. The central bank official said such programs as well as the other measures the Fed has taken will be important as the economy struggles to get back on its feet.
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