Fed’s Main Street program funneled its first loans to casinos, roofers and dentists.

The Federal Reserve released detailed data Monday on its first attempt at lending to midsize businesses, and the numbers show the program reaches a diverse – if tiny – group of borrowers.

The numbers run through July 31 and total $ 92.2 million in loans, which is roughly half what the so-called Main Street program has supported so far, based on more recent data from one last week Fed officials were cited. The program’s 13 loans through July 31 went to a number of companies – including a dentist, concrete company, lighting company, roofing company and casino.

The smallest loan of $ 1.5 million went to the Pablo Alfaro Group, a Florida real estate company. The largest amount went to a company affiliated with Mount Airy, the Pennsylvania Casino, for $ 50 million.

The Main Street program is a new effort for the Fed and has got off to a rocky start. First announced in late March as part of the Fed’s comprehensive pandemic response package, the program is designed to channel loans to midsize businesses, particularly those too big to take government loans to small businesses but too small to power the equity and bond markets to tap into to raise money.

The Fed is protected from loss of credit by being funded by the Treasury Department. The money congress is designed to support the Fed’s urgency for lending in its coronavirus response legislation.

Lawmakers have wondered why it took so long to get the program off the ground – Main Street didn’t buy its first loan until July 15 – and why so little of its $ 600 billion capacity is being used. A member of the congressional commission overseeing the program called it a “failure” at a hearing last week.

Boston Federal Reserve Bank President Eric Rosengren said at the hearing that he anticipates program activity will increase over time.

Commercial banks issue medium-sized business loans, of which the Fed buys 95 percent. According to data released on Monday, most of the loans through July 31 were made through the City National Bank of Florida.

Mr Rosengren, whose central bank branch is leading the effort, said last week that more than $ 600 million in loans are in a state of approval. He also pointed out that Main Street could be used more frequently if virus conditions worsened in the fall, which would tighten private credit.

The Fed’s data also showed that by July 29, it had purchased around $ 12 billion worth of corporate bonds and exchange-traded corporate bond funds. This was part of another initial program she had previously unveiled to keep the large corporate debt market viable.

The Fed has shifted from exchange-traded fund purchases to single-bond purchases guided by a broad market index of its own design.

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