In Detroit, Vice President Harris announces loan program and financing for auto parts production

Vice President Kamala Harris announced a new loan program to help small businesses with priorities such as energy efficiency upgrades to manufacturing facilities during a stop in Detroit on Monday.

The program, run by the Small Business Administration, involves using private equity funds to match government-guaranteed loans.

Harris said rewards could range from $250,000 to $10 million.

“This investment will help maintain our automotive supply chains here in America, which will strengthen the U.S. economy as a whole and keep these jobs here in Detroit,” Harris told a packed room at Detroit’s Charles H. Wright Museum. African-American history in Detroit.

A second package of money announced in Detroit included $100 million in funding for small and medium-sized auto parts manufacturers.

The money will help increase production, convert to electric vehicle manufacturing and other needs, officials said. It will be distributed through the U.S. Department of Energy.

Energy Secretary Jennifer Granholm, a former Michigan governor, said the award would be made through a competitive process.

“You know, in Michigan we obviously have a large number of providers and in this region in general. But we want to make sure these suppliers have the best means, including technical assistance to convert existing supplies for internal combustion engines to supplies for electric vehicles,” Granholm told reporters.

The Michigan trip and announcements have been criticized by groups who say the new subsidies would not be necessary without the Biden-Harris administration’s electric vehicle transition policies.

One of them is Americans for Prosperity, a libertarian think tank. “For Michiganders, economic opportunity begins with abandoning “Bidenomics” and embracing real solutions that empower individuals and businesses to pursue their purpose and thrive on their own terms – not top-down policies that favor allied special interests administration,” said a statement from the administration. said Tim Golding, director of local operations for AFP-Michigan.

The stop in Detroit was part of the vice president’s economic opportunity tour. Alongside him were various officials, such as Granholm, Acting Labor Secretary Julie Su, U.S. Rep. Shri Thanedar (D-MI 13), and Michigan Lt. Gov. Garlin Gilchrist.

The Cass Technical High School marching band performed before, during and after the event.

Although the announcement regarding federal funding opportunities for auto parts manufacturers officially marked the end, many speakers focused on the Biden-Harris administration’s economic policies as a whole and their impact on Black Americans.

Large signs lining the room read “Economic Opportunity for All” and “Freedom to Prosper.” And it came at a time when Michigan appears to be a key state for the November presidential election.