GREENWICH, Conn., Oct. 05, 2020 (GLOBE NEWSWIRE) -- Fieldpoint Private, the fast-growing wealth advisory and private banking boutique serving families and institutions, announced that it has begun delivering funding to its clients through the Main Street Lending Program (MSLP).
The program was established by the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed in March. Its $600 billion in funding is administered through the Federal Reserve. The intent is to keep credit flowing for the relief of mid-sized businesses that entered 2020 in sound financial condition, but later faced hardship as a result of the COVID-19 pandemic. At the heart of the MSLP is a program by which the Federal Reserve purchases 95% of each loan from the lending institution, with the bank retaining 5%.
Fieldpoint began funding with a $25 million loan to a Georgia-based client, with similar funding in process for two other clients that are rehabilitating housing for families, and working to maintain construction activity and protect against layoffs of workers.
“The Main Street program is like the PPP’s big sibling. The PPP directly protected jobs for small businesses, while Main Street provides capital where companies need it,” said Russ Holland, President and CEO of Fieldpoint’s banking unit, referring to the Paycheck Protection Program (PPP), also provided for by the CARES Act. “We considered it imperative to make the Main Street tool available to our entrepreneur clients. It was work with meaning, and I’m proud of the efforts of our team to pull it off.”
Fieldpoint Private also has been active in the PPP emergency funding, administered through the U.S. Small Business Administration (SBA). In just a few weeks, through participation with the SBA, the firm funded more than 60 loans, protecting paychecks for more than 1,400 families.
About Fieldpoint Private
Headquartered in Greenwich, Connecticut, Fieldpoint Private (www.fieldpointprivate.com) is a boutique financial firm providing the highest degree of personalized, confidential wealth planning and private banking services. Catering to highly successful individuals, families, businesses and institutions, Fieldpoint Private offers a powerful combination of wealth management and strategy, family office, private banking and business banking services addressing every financial need for each of our clients including: wealth transfer advice, tax planning, aggregation and performance reporting, risk management, goals-based investing strategies, sophisticated investment selection, discreet and personalized banking, highly customized credit solutions, custom custody and trust solutions, highly attentive/responsive service and concierge services.
Fieldpoint Private was established in 2008 by 31 Founders with a specific vision and purpose. These extraordinary leaders of industry and community recognized the opportunity to create a financial firm totally attuned to people’s individual circumstances. Our firm is built on a philosophy of exclusive membership and client-centricity. Working with a limited number of relationships gives every person the experience of belonging to an extremely selective group. The result is a new breed of institution established on the basis of personalization, responsiveness, and exclusivity, and an ensured commitment to impeccable service and consistently flawless execution. Our service approach offers a unique client experience custom crafted to each client’s financial needs.
Banking Services: Fieldpoint Private Bank & Trust
Registered Investment Advisors: Fieldpoint Private Securities, LLC, is a SEC Registered Investment Advisor and Broker Dealer. Member FINRA, SIPC.
Media Contact:
Michael White
Chief Marketing Officer
Fieldpoint Private
203.413.9340
mwhite@fieldpointprivate.com