The Advanced Technology Vehicles Manufacturing Loan Program is a $25 billion direct loan program funded by Congress in fall 2008. It provides debt capital to the U.S. automotive industry, which is in need of funding for advanced technology vehicles. This program offers loans to both existing and new automotive manufacturers. Listed below are some benefits of the program. You can apply to receive a loan online today. To find out more, visit the AAMV website.
To apply, review the governing documents and guidance for applicants to the Advanced Technology Vehicles Manufacturing Loan Program. You can also apply for a loan anytime. You can also engage in a no-cost consultation with LPO staff. This program is available at any time of year and you can apply for it at any time of the year. It is essential to review the guidelines and apply early to make sure you are eligible for the loan.
The Advanced Technology Vehicles Manufacturing Loan Program is a government loan program that supports manufacturing of fuel-efficient advanced technology vehicles and components. Under the program, qualified companies can borrow the money directly from the government, and only have to pay the upfront borrowing costs. Congress made this program even more attractive by providing an additional $7.5 billion to offset the costs of borrowing. While it is unclear how many electric car makers will be supported by the program, it will help the industry.
A total of 38,700 jobs are predicted to be saved under the program. The DOE database shows that almost all of these positions would be at a facility of the loan recipient. These jobs are not necessarily created or eliminated at the facilities. The estimated savings would be based on changes in the company’s current workforce and employment base, and may not include jobs in other parts suppliers. It is important to note that this data is only indicative of what will happen to the industry.
In addition to helping automotive manufacturers in developing new advanced technologies, the Advanced Technology Vehicles Manufacturing program supports the domestic production of light-duty vehicles. These manufacturers can be involved in research and development, and they can receive direct loans from the DOE to build new facilities. The government’s ATVM program also provides financing to help these companies retool their factories to meet the advanced technology requirements of the market. The DOE also provides loans to companies that manufacture batteries for electric vehicles.
The Advanced Technology Vehicles Manufacturing program began to become controversial during the time when President Obama was under fire by Republicans for his government’s handling of the Solyndra bankruptcy. During the presidential election, many Republicans were critical of the Department of Energy loan that Tesla received to establish a solar energy firm. As a result, Musk, the company’s CEO, had once called the company a “loser” but is now planning to support Republican candidates in the next election.