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A $5 billion U.S. Treasury Department lending program extended to automotive parts suppliers – but criticized by them for being too expensive and confusing – could end by April.
In March 2009, the Obama administration said it would provide $5 billion in financial aid to auto parts manufacturers. The Auto Supplier Support Program was designed to help suppliers, struggling in the wake of tight credit and severe vehicle production cuts, to obtain bank loans.
In April 2009, General Motors Co. and Chrysler Group LLC signed up to approve their suppliers for the loans. Ford Motor Co. did not participate.
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