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An industry advisory panel is urging the Commerce Department to provide government-backed loans to small manufacturers who are unable to raise private financing.

An industry advisory panel is urging the Commerce Department to provide government-backed loans to small manufacturers who are unable to raise private financing.

"If something is not done immediately, many companies may not be in business tomorrow," said Kellie Johnson, president of California-based Ace Clearwater Enterprises and the vice chairman of the panel, according to Bloomberg News.

The Manufacturing Council, which advises the Commerce Department, made its proposal in a letter to Commerce Secretary Gary Locke. The group urged that the government guarantee individual loans up to $10 million under the Term Asset-Backed Securities Loan Facility.
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Title Annotation:Washington Insider
Publication:Set-Aside Alert
Date:Aug 28, 2009
Words:96
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