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Madison dental practice receives one of eight loans in first month of new Federal Reserve loan program

MGN Federal Reserve

WASHINGTON (WKOW) -- In the first month of the Federal Reserve's Main Street Lending Program, just eight loans were given out -- one of which went to a Madison dental practice.

The Fed has said it will provide up to $600 billion to help cash-strapped companies through the Main Street program. The program started July 6.

In the first report on the program's progress, the Fed says it provided eight loans totaling $76.9 million.

Federal Reserve records show Madison-based Cherry Tree Dental, LLC received a loan of $12.3 million, which is the second highest amount.

The biggest loan of $50 million went to a casino operator in Mount Pocono, Pennsylvania.

The Associated Press contributed to this report.

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