The Main Street Loan Program is a terrific program enabling continued investment in growth & headcount while supporting anemic months during turbulent economic waters. However, we have reached out to & failed to get any traction from 64 banks.
The banks are unreasonable gatekeepers of the Main Street Loan Program. Despite exceeding all the Fed’s FAQ criteria, banks continue to ostensibly obfuscate – providing consistently contradictory reasons not to work with us.
Accessing the Main Street Loan Program allows companies to spend through economically uncertain times and maintain/grow headcount. In the first two years, the low debt service requirements would enable companies to make necessary investments to support growth and avoid a contraction.
We call on the Federal Reserve Board, U.S. Treasury Secretary Steven Mnuchin, and President Donald Trump to encourage banks to work with qualifying companies like Total Transportation Services (TTSI) and push these loans through.