A fund will support small- and medium-sized auto manufacturers with access to capital to refinance, grow, or diversify their businesses.
The White House announced that a $1 billion ”Drive Forward“ fund is being launched for small auto suppliers looking to add electric vehicle (EV) parts to their inventories.
Vice President Kamala Harris said, “Earlier this year, I was proud to announce new support for small- and medium-sized auto suppliers in Detroit. Today’s announcements build on those investments by making sure our auto supply chains stay here in America.”
According to the White House, more than 250,000 people across the U.S. work for small- and medium-sized auto suppliers. This fund will allow these small businesses to take out government-guaranteed loans, reducing the up-front costs necessary to follow the auto industry’s transition from internal combustion engines to EV production and servicing.
As the Lord Leads, Pray with Us…
- For the president, vice president, and administration officials as they support and assist producers of electric vehicles.
- For wisdom for U.S. officials as they promote EVs and the transition away from internal combustion engines.
Sources: Reuters, The White House
