The headquarters of the Federal Reserve Bank of Boston. Photo Courtesy of Fox-orian / CC BY-SA 3.0

The Federal Reserve has finalized the last piece of the Main Street Lending Program, making it now fully operational.

The Federal Reserve Bank of Boston, the program’s administrator, is now purchasing participations in eligible loans that lenders submit to the program. The program launched on June 15, and the Boston Fed said in a statement that the Federal Reserve is encouraging lenders to begin submitting qualifying loans.

“This is an important milestone for the Main Street program,” Eric Rosengren, president of the Boston Federal Reserve Bank, said in a statement. “Given the pandemic’s shock to the economy, and its uncertain duration, support for businesses and their employees through bank lending is critical.”

The Federal Reserve Bank of Boston said it would publish in the coming days a state-by-state list of lenders accepting new business customers under the Main Street program and electing to be listed.

The Main Street Lending Program offers five-year loans to small- and medium-sized businesses that were in sound financial condition prior to the COVID-19 pandemic.

In the Main Street Lending Program, lenders assess a borrower based on the program’s terms. Lenders also use their own underwriting standards to evaluate the borrower’s financial condition and creditworthiness and approve the loan. The Fed will purchase a 95 percent interest in the loan, while the lender retains 5 percent of the loan.

So far, only a limited number of banks have signed up, including East Cambridge Savings Bank.