Ford Receives $250 million Loan from U.S. Export-Import Bank
October 1st, 2010 — 02:55 pm
According to the White House, American automaker Ford Motor Company has received a loan of $250 million (£158 million) from the U.S. Export-Import Bank. The $3.1 billion in the entire loan amount will enable Ford to sell the 200,000 units of US-manufactured Ford vehicles in Canada and Mexico and double the company’s exports towards the next five years.
This is good news of all the U.S. manufacturers despite of what industry they are in. The low interest loans of the U.S. Export-Import Bank can help them drive export deals upward. During half of the fiscal year 2010 the U.S. Export-Import Bank has already loaned out around $17.4 billion.
The announcement of Ford’s loan took place when President Barack Obama visited Ford’s plant in Chicago, Illinois where the famed 2010 Ford Explorer is set to be assembled in the later part of the year. The Ford Plant in Chicago is also set to give employment to almost 1,200 people. The automaker has been able to retool their assembly plant using the $5.9 billion in low interest loans that the U.S. Department of Energy granted to them. The president aims to increase the manufacturing jobs in the United States by doubling their exports in the next five years.