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Yarmuth: Ford Receives $5.9 Billion Federal Loan to Help Produce Fuel-Efficient Vehicles in Louisville

 

 

( Washington , DC ) Today, Congressman John Yarmuth (KY-3) issued the following statement in support of the recent decision by the Department of Energy to provide a $5.9 billion loan federal loan closed to help Ford Motor Company retool facilities in Illinois, Kentucky, Michigan, Missouri, and Ohio .  

 

“I was proud to support the legislation that established this federal loan program that is now providing resources Ford will use to create jobs and drive clean energy innovation,” said Congressman Yarmuth. “Most importantly for Louisville , this is another indicator that Ford will be a successful part of our community for years to come.”

 

A $5.9 billion loan to Ford was announced yesterday as part of the federal government’s Advanced Technology Vehicles Manufacturing Loan Program. This program provides funding to help auto companies produce cars in the U.S. that increase fuel economy standards. Ford is expected to be able to raise fuel efficiency on more than a dozen models – or two million new vehicles annually – as a result of the loan.

The Loan Program was created by the Energy Independence and Security Act of 2007, which Congressman Yarmuth supported during his first year in Congress.