Finally, for me, was the knowledge of all those small businesses that depended on credit to run their businesses. The Fed provided credit to banks large and small.
In addition, through other programs, we supported securities made up of loans to households and businesses, including loans for business equipment, for inventory, for insurance payments, for business credit cards, and for loans guaranteed by the small business administration. To be sure, lenders reacted to uncertain economic conditions and weaker borrowers by tightening credit standards.