White House establishes $1B fund via Monroe Capital for smaller auto suppliers transitioning to EVs, backed by US SBA.
The White House has announced a $1 billion fund, the Drive Forward Fund LP, managed by Monroe Capital LLC, to support smaller auto suppliers transitioning to electric vehicles (EVs). Backed by low-cost government-guaranteed lending from the U.S. Small Business Administration, the fund aims to provide affordable capital for small- and medium-sized manufacturers, helping them grow and diversify. This initiative responds to new tariffs on Chinese EVs and the evolving automotive landscape.
September 23, 2024
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