Bill Would Help Ohio Auto Industry to Retool; Senator's Proposal Not Likely to Help Local Stamping Plant

Gateway News

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 likely will not be helped by the funding, local officials say.

Although the focus 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; Senator's Proposal Not Likely to Help Local Stamping Plant »