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Energy Department Offers No Loan Despite Funds

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Energy Department Offers No Loan Despite Funds

The Energy Department announced it will not offer any loans from the $25 billion auto loan program which the Congress started in 2007.

According to the report, the Energy Department will no longer offer any loans even if there is still $16.6 billion left and seven applications pending. The Advanced Technology Vehicle Manufacturing loan program offered Ford $5.9 billion, Nissan received $1.4 billion and Tesla Motors Inc. and Fisker Automotive Inc. got $500 million.

It’s been more than two years since Energy Department hasn’t offered any new loan, fuelling rumors that this happened due to the collapse of solar panel startup Solyndra LLC. In 2012 the government withdrew a previously announced a $730 million loan for the Dearborn plant owned by the North American unit of Russian automaker Severstal OAO.

According to the Government Accountability Office’s report, the Energy Department told auditors it “was not actively considering any applications for using the remaining $16.6 billion in loan authority or $4.2 billion” in funds appropriated by Congress in 2008.

“The draft report acknowledges that DOE is not likely to use the remaining Advanced Technology Vehicles Manufacturing loan program authority under the current eligibility requirements,” said David Frantz, the head of the Energy Department loan programs office.

by Ana Cezara Savin (my Google+) - Monday, March 18th, 2013 - filed under News, Other. Image credit: .
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