Help is on the Way!

Finally help is on the way for the big three US automakers. Due to a massive overhaul of the fuel efficiency regulations, the United States federal government agreed to provide guaranteed, low-interest loans of up to $25 billion to GM, Ford and Chrysler. These funds, which must be paid back with interest, will help the big three retool and modernize manufacturing plants and operations to meet the higher fuel economy standards and compete in the rapidly changing global and domestic marketplaces.
U.S. Congress authorized the money last year, but the funds were appropriated this year. The U.S. Department of Energy is now in charge of disbursing the loans to the American auto companies and its suppliers. Officials within the Energy Department are indicating it may take up to 18 months before the loans are available.This is too long for an industry that finds itself in uncharted waters. Hopefully they will be around to reap the benefits.