The Federal Reserve and treasury department announced Monday they would be extending the term of the Term Asset-Backed Securities Loan Facility through to June.

The extension of the program is intended to boost lending to consumers and small businesses at lower rates.

The TALF was previously authorized to run up to December 31, 2009 but markets for certain securities are still suffering and officials announced the extension of its TALF facility through to March 31.

The TALF program, which began in March, has helped ease the credit crisis and provided more credit for car loans, student loans and commercial real estate loans.