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430 GM, Chrysler suppliers get federal aid

Posted Monday, Jul 13, 2009, 10:50 am in Employee News

About 430 GM and Chrysler Group L.L.C. direct suppliers have receieved aid under the $5 billion federal supplier program, according to the Automotive News.

Some analysts say the three-month-old program is inadequate and have called for an expansion of U.S. assistance to strapped, capable companies at every step of the supply chain at a time when sector profits and bank credit have largely dried up, the story reported.

The Treasury Department launched the Auto Supplier Support Program in March “to help stabilize the auto supply base.” It committed $3.5 billion to GM and $1.5 billion to Chrysler in April and expects to continue the program for a year, The Automotive News said.

In the story, neither GM nor Chrysler would reveal the names of any aid recipients, nor would the Treasury Department. They also declined to disclose how much aid recipients got.

Last month, Treasury turned down an OESA request for up to $10 billion in additional loans. (Automotive News)
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