MFIN - Medallion Financial spikes up after NYC announces $65M taxi medallion relief fund

Medallion Financial ([[MFIN]] +2.3%) jumped as much as 8.1% after news that New York City announced a $65M taxi medallion owner relief program, to be funded with money from the new federal stimulus bill.The program will offer $20K loans to restructure taxi medallion debt and up to $9K in debt payment support, Bloomberg reports, citing Taxi and Limousine Commissioner Aloysee Heredia Jarmoszuk.Taxis were especially hard hit by the pandemic as tourism essentially halted in New York City and office workers worked remotely rather than grab a cab to the office.Medallion Financial originates, acquires, and services loans that finance taxi medallions and other types of commercial businesses. But the company has been building other parts of its business to diversify away from taxi medallions.MFIN's net medallion loans dropped 88% to $12.7M at year-end 2020 from $105.0M.Last year, MFIN deemed its medallion portfolio to be impaired as a result of the impact

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Medallion Financial spikes up after NYC announces $65M taxi medallion relief fund