James Kaplan mentioned in "Fed’s Expanded Lending Plan Leaves Private Credit in the Cold"

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Bloomberg News

On Thursday the Federal Reserve announced that they will expanded their Main Street Lending Program to help private credit firms become lenders for small and mid-sized companies. However, this support will not be eligible for direct lenders and business development companies because they do not fall under the Fed's regulatory purview.

Below is an excerpt:

“It has to be disappointing to that industry, but not entirely surprising,” said James Kaplan, partner at law firm Quarles & Brady LLP. “They’re not regulated by the Fed, they’re not familiar to the Fed and the Fed seems confident it can do this through the traditional financial institution lenders.”

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“We’re looking at more of a U-shaped recovery, so companies have started to look at borrowing more, realizing it could be an extended rough spot of a very challenging six months or more,” Kaplan said.

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