Investors planning to tap the Term Asset-Backed Securities Loan Facility will have two extra days to apply for funds, the Federal Reserve Bank of New York said Friday.
Terms of the program, which makes loans to investors to provide liquidity for consumer lending, initially gave investors just one day – Tuesday – to apply for the government funds. The investors can now apply through Thursday at 5 p.m.
In a press release, the New York Fed said it extended the time frame at the request of potential borrowers so they have more time "to complete the documentation associated with the initiation of the program."
The Talf has emerged as a central pillar of the Obama administration's efforts to revive lending and the New York Fed said funds will still be distributed on March 25.