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Article: Commerce advisory group proposes big new program.
- Article from:
- Manufacturing & Technology News
- Article date:
- August 28, 2009
CopyrightCOPYRIGHT 2009 Publishers & Producers. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The Department of Commerce's private-sector advisory council on manufacturing has asked that the Treasury Department "take immediate action" to create a $20 billion loan program for small- and medium-sized manufacturing (SMM) companies that are locked out of the credit markets. The Manufacturing Council, comprised of domestic manufacturing company executives, says healthy "but temporarily impaired" manufacturing companies cannot secure lines of credit to cover day-to-day operations or invest in facilities and employees.
"SMMs report significant segment discrimination by lenders--many impose prohibitive covenants or are no longer willing to work with manufacturing ...