Auto businesses looking to jumpstart their energy-efficient vehicle programs may have a new chance to do so thanks to the Department of Energy. This department recently announced on its official blog the intent to use the Advanced Technology Vehicles Manufacturing Loan Program to try and spur on activity in this area.
In a letter to the Motor & Equipment Manufacturers Association, Peter Davidson of the DOE's loan program highlighted the changes that have been put in place to try and make the loan process more efficient, including increasing the amount of communication between the government and applicants for the loan.
The letter also noted other important factors that could impact these loans, including a tightening of fuel standards.
"We believe the ATVM Loan Program can play an important financing role with automotive suppliers as the industry establishes the next generation of manufacturing facilities in the United States," Davidson writes.
It seems to be a critical time for green energy: not only is there still concern about environmentalism, but the success of the electric car created by Tesla Motors could encourage more production in this area. Though Forbes notes that the competition is not keeping pace, it's possible that actions like this on the part of the government could change that for newer brands.
This shows how new loans might appear to fit a government-recognized need, and how there might be imperatives to making sure these loans are handled and processed successfully. With application processing software, you can try to make sure that the need to act quickly doesn't mean the loans go to candidates who will have trouble repaying their debts.