Money Matters - Simplified

loan guarantee

First Solar may win govt. loan guarantees

The U.S. Energy Department has said in a letter issued on May, 10 that the three solar power plants of First Solar Inc. are very close to winning government's commitment for loan guarantees.

Ford given $250M loan to bump up exports

Washington -- The White House said Thursday that U.S. automaker Ford Motor Co. would be given a $250 million loan guarantee to help it sell 200,000 cars abroad.

The White House said the loan from the U.S. Export-Import Bank would help Ford sell a variety of SUVs, pickup trucks and cars in Mexico and Canada, boosting Ford's sales by $3.1 billion, the Detroit Free Press reported.

Ford is expected to pay back the loan within a year. In the meantime, the loan is intended to preserve or add U.S. jobs, while helping manufacturers reach President Barack Obama's goal of doubling exports within five years.