Chicago-based investment firm Monroe Capital is launching a $1 billion government-backed fund to provide loans to small and medium-sized auto suppliers as they transition to electric vehicle production. The 'Drive Forward Fund' aims to help these businesses retool their operations and embrace electrification.
Investment firm Monroe Capital plans to launch a $1 billion fund to distribute loans to small auto suppliers. Labeled Drive Forward Fund, the government-backed lending scheme aims to help small- and medium-sized auto suppliers retool for EVs. The news comes after the U.S. Department of Commerce proposed a ban on Chinese software and hardware. As the U.S.
Get the best news, reviews, columns, and more delivered straight to your inbox. Sign up For more information, read ourPrivacy Policy and Terms of Use. They're the backbone of the shift to EVs but have struggled so far. They need to retrain their workforce, retool plants, navigate parts shortages and on top of all that, help automakers comply with tough new EPA emissions rules that will kickstart in 2027. Without a financial shot in the arm from the government, it would be tough.
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