White House and Monroe Capital Launch $1 Billion Fund to Support EV Transition
The Drive Forward Fund aims to provide critical financial support for small and medium-sized auto suppliers to retool for electric vehicle production.
- The U.S. government and Monroe Capital have partnered to create the Drive Forward Fund, a $1 billion initiative to aid small and medium-sized auto suppliers in transitioning to electric vehicle (EV) production.
- The fund will offer lower-cost, government-guaranteed loans to help suppliers refinance, grow, and diversify their businesses.
- More than 250,000 workers employed by these suppliers stand to benefit from the financial support aimed at modernizing the automotive supply chain.
- The initiative is part of a broader strategy that includes new tariffs on Chinese EVs and components, as well as restrictive EV tax credit rules, to encourage domestic production.
- The U.S. Treasury Department also announced a $9.1 million grant to support Michigan's Auto Supplier Transition Program, further aiding smaller firms in securing financing for EV component production.
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Denver Gazette 
