DOE LOANS FOR NEW ENERGY CARS

Chu Wants to Start Issuing Auto Loans Within 2 Months
Tina Seeley and Laura Litvan, February 6, 2009 (Bloomberg News)

"Energy Secretary Steven Chu wants to begin disbursing loans to carmakers in one to two months from a $25 billion U.S. program aimed at funding fuel-efficient vehicle technology…

"Chu’s goal is to get the funds moving quickly, Energy Department spokesman Dan Leistikow said…"

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"General Motors Corp., Chrysler LLC, and Ford Motor Co. have filed applications with the department seeking funds under the program, which loans money to automakers and car-parts companies to cover costs of making more efficient vehicles or components. The department received 75 applications requesting $38 billion in loans.

"The department needs to ensure that recipients of the loans are “financially viable,” Chu told reporters…Chu also said a “good goal” is to start issuing loan guarantees for energy investments in the economic stimulus package within six months of congressional approval…"