GREENWICH, Connecticut, Oct 05, 2020 (GLOBE NEWSWIRE) – Fieldpoint Private, the rapidly growing wealth advisory and private banking boutique serving families and institutions, has announced that it has started providing funds to its customers through the Main Street Loan Program (MSLP).
The program was established by the Federal Coronavirus Aid, Relief and Economic Security (CARES) law, signed in March. Its $ 600 billion funding is administered by the Federal Reserve. The intention is to keep the credit in circulation for the relief of midsize businesses that entered a healthy financial position in 2020, but subsequently faced difficulties due to the COVID-19 pandemic. At the heart of the MSLP is a program whereby the Federal Reserve purchases 95% of every 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 underway for two other clients who are rehabilitating homes for families and working to keep construction activity going and protect against dismissals of workers.
“The Main Street program is like the big brother of PPP. The PPP has directly protected the jobs of small businesses, while Main Street provides capital where businesses 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 law. “We considered it imperative to make the Main Street tool available to our entrepreneur clients. It was meaningful work, and I’m proud of our team’s efforts to make it happen.
Fieldpoint Private has also been active in the emergency financing of PPP, administered by the US Small Business Administration (SBA). In just a few weeks, through its involvement with the SBA, the company funded more than 60 loans, protecting the paychecks of more than 1,400 families.
On Field point Private
Based in Greenwich, Connecticut, Fieldpoint Private (www.fieldpointprivate.com) is a boutique finance company offering the highest level of personalized, confidential wealth planning and private banking services. Catering to individuals, families, businesses and highly successful institutions, Fieldpoint Private offers a powerful combination of wealth management and strategy, family office, private banking and merchant banking services to meet all needs. financial needs of each of our clients, including: wealth transfer advice, tax planning, performance aggregation and reporting, risk management, goal-based investment strategies, sophisticated investment selection, discreet and personalized banking , highly personalized credit solutions, personalized custody and trust solutions, very attentive / responsive service and concierge services.
Fieldpoint Private was established in 2008 by 31 founders with a specific vision and purpose. These extraordinary industry and community leaders recognized the opportunity to create a financial company that is totally tailored to people’s individual circumstances. Our firm is based on a philosophy of exclusive membership and client orientation. Working with a limited number of relationships gives everyone the experience of belonging to an extremely selective group. The result is a new generation of institutions based on personalization, responsiveness and exclusivity, and a guaranteed commitment to impeccable service and consistently flawless execution. Our service approach provides a unique customer experience, tailored to the financial needs of each customer.
Banking Services: Fieldpoint Private Bank & Trust
Registered Investment Advisors: Fieldpoint Private Securities, LLC, is an investment adviser and broker registered with the SEC. FINRA member, SIPC.
Private field point