Manufacturers seek $20 billion in loan guarantees

Bloomberg.com
August 26, 2009
COMMERCIAL, RETAIL, AUTO, FABRICATION

The Obama administration should consider $20 billion in loan guarantees or insurance for small manufacturers cut out of credit markets, a private-industry advisory panel to the U.S. Commerce Department said.

The council, 14 executives representing General Dynamics Corp., Nucor Corp. and other companies, said small manufacturers can’t get loans to fund operations or investments. The group said in a letter to Commerce Secretary Gary Locke today that it wants the government to provide individual guarantees of as much as $10 million under the Term Asset-Backed Securities Loan Facility, according to an Aug. 25 Bloomberg report.

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