“Banks should not within the enterprise of lending cash to companies which might be failing,” stated CEO David Kong, CEO of Greatest Western, one of many enterprise executives who wrote a letter calling for adjustments to the Most important Avenue program. “Small and medium-sized companies are struggling and so they cannot get assist.”
So far this system has made almost 400 loans for a complete of $3.7 billion, about $9 million per mortgage on common.
“In the event you have a look at the regulation … it’s totally clear that we’re to make loans solely to solvent debtors,” he stated at the moment. “Having stated that, we’re, we’re persevering with to work to enhance Most important Avenue, to make it extra broadly out there — make it just about to any firm that wants it and that may service a mortgage.”
— CNN Enterprise’ Matt Egan contributed to this report