Don't show this message again
15 U.S. Code § 2509. Loan guarantees
(a) Congressional policy
It is the policy of the Congress to assist in the introduction into the Nation’s transportation fleet of electric and hybrid vehicles and to assure that qualified small business concerns and other qualified borrowers are not excluded from participation in such development due to lack of adequate capital. Accordingly, it is the policy of the Congress to provide guarantees of loans made for such purposes.
(b) Encouragement of commercial production; purpose of loansIn order to encourage the commercial production of electric and hybrid vehicles, the Secretary of Energy is authorized to guarantee, and to enter into commitments to guarantee, principal and interest on loans made by lenders to qualified borrowers, primarily small business concerns, for the purposes of—
(1)
research and development related to electric and hybrid vehicle technology;
(2)
prototype development for such vehicles and parts thereof;
(3)
construction of capital equipment related to research on, and development and production of, electric and hybrid vehicles and components; or
(4)
initial operating expenses associated with the development and production of electric and hybrid vehicles and components.