WASHINGTON (June 26, 2009)—Sen. Sherrod Brown, D-Ohio, has introduced a bill to create a $30 billion revolving loan program to help auto parts suppliers and other small and mid-sized manufacturers to retool for the clean energy industry.
Under the Investments for Manufacturing Progress and Clean Technology (IMPACT) Act of 2009, Congress would establish a $30 billion Manufacturing Revolving Loan Fund. It would disperse funds to individual states, which in turn would set up loan programs to help small and medium-sized manufacturing firms in retooling, expanding or establishing domestic clean energy manufacturing operations.
The bill would also modernize the Hollings Manufacturing Extension Partnership for support to small and mid-sized manufacturers, increasing funding to $1.9 billion from the current $100 million.
Supporters of the IMPACT Act include the Motor & Equipment Manufacturers Association, the United Steelworkers and the United Auto Workers.