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Fed Changes Open Door for More Drillers to Get Loans

  • Loans can be bigger and used to pay pre-existing debt
  • Critics say shift in lending caters to oil industry needs
Historic Oil Rout Breaks Shale, Trump's Energy Dominance
Photographer: Matthew Busch/Bloomberg

The Federal Reserve revamped its Main Street Lending Program in ways that will allow battered oil companies to qualify for the aid after industry allies lobbied the Trump administration for changes.

Larger, more heavily indebted companies can now qualify and use the money to pay off prior loans under the changes the central bank announced Thursday.