Bill Would Help Ohio Auto Industry to Retool

Hudson Hub-Times

Reduction in demand and a lack of capital has devastated auto parts manufacturers across the country, but U.S. Senator Sherrod Brown (D-OH) said he believes a new bill he is sponsoring could help these industries retool for clean energy jobs.

The bill, which Brown announced on a conference call June 17, would create a $30 billion revolving loan program to benefit small and mid-sized manufacturers.

The Twinsburg Stamping Plant, with 600-plus employees and scheduled to close by March 2010, likely will not be saved by the funding, Twinsburg city officials say.

Although the focus of the proposed legislation is on auto parts suppliers, Brown said any manufacturer with 500 employees or less could be eligible for the loan. Brown said the federal funds could benefit 3,000 Ohio manufacturers employing 250,000 workers.

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Bill Would Help Ohio Auto Industry to Retool »