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Loan Guarantees

February 28, 2011
No federal gold for the Golden State Re "Robbing California of energy," Opinion, Feb. 23 Sen. Dianne Feinstein (D-Calif.) berates the House for cutting tens of billions of dollars of funding that would have gone to California businesses for projects in the field of renewable energy. As the senator explains, these funds would serve as loan guarantees for various industries that would then create thousands of jobs. What she fails to explain is that if these industries have so much potential, why are they unable to find private funding that would "invest in the future" and reap a fortune at the same time?
February 23, 2011 | By Dianne Feinstein
The House of Representatives this week approved legislation that irresponsibly eliminates a key Energy Department loan guarantee program that is helping grow California's renewable energy industry and creating jobs across Southern California. Before I get into the particulars, here's the bottom line: By rescinding about $2 billion in Recovery Act funds and loan authority, the House has jeopardized some $40 billion of private industry investment in clean energy. Twenty-four California companies have applied for a total of $16.2 billion in loan guarantees that would bring tens of thousands of jobs to California, firmly establishing an industry of the future in our backyard.
February 12, 2011 | By Sharon Bernstein, Los Angeles Times
A new federal loan program signed into law five months ago to help small businesses refinance the mortgages on their buildings could help save thousands of firms. If only the program could get started. Businesses can't apply for the loans or even determine if they qualify for them until the Small Business Administration releases rules for the program. The wait is not only problematic for stressed businesses, it's also eating up time. As passed by Congress, the program runs for two years ?
October 4, 2010 | By Sharon Bernstein, Los Angeles Times
After months of frustration and delays, small-business owners in Southern California are finally getting long-awaited loans to hire new workers and expand their operations. Money for loans backed by the Small Business Administration, but held up for weeks in Congress, is on its way. Just days after President Obama signed a $30-billion-plus package of incentives for small businesses, Southland bankers, bureaucrats and borrowers are scrambling to nail down the final details and get the money flowing.
July 28, 2010 | By Marc Lifsher, Los Angeles Times
Plans for a massive expansion of clean energy in California are being jeopardized by federal foot-dragging, according to state officials who say that more than 20 nearly shovel-ready solar and wind projects are being held up by the U.S. Department of Energy. Seven major solar-mirror projects — enough to provide power to 3 million Southern California homes — along with plans for at least a dozen wind-turbine and solar-panel complexes have been cleared or almost cleared by state authorities and the U.S. Department of Interior.
May 17, 2010 | By Cyndia Zwahlen
Less money is available through the California Small Business Loan Guarantee program, which may result in fewer companies getting funds  California seed money that has helped small businesses such as EarthSmart Products in Wilmington succeed is drying up because of the state budget crisis.  A 42-year-old state program to help small businesses get loans is stumbling partly because a chunk of its trust fund was used last year to help plug the budget gap, and officials say the program's budget for the coming fiscal year has been cut in half.
May 9, 2010 | By Henry Chu, Los Angeles Times
Fearful of a regional economic meltdown, the European Union and International Monetary Fund approved a dramatic rescue mechanism early Monday to make nearly a trillion dollars in loans available to EU member countries in danger of going bankrupt, as worries persisted that Greece's troubles would spread far beyond its borders. EU finance ministers worked into the morning hours in Brussels to hash out a rescue deal before trading in Asia began in earnest Monday morning. The officials, clearly in crisis mode, hoped to forestall any major shocks that could affect international markets throughout the rest of the day. The agreement "proves that we will defend the euro whatever it takes," EU Monetary Affairs Commissioner Olli Rehn told the Associated Press.
February 10, 2010 | By Henry Chu
Christos Maggelis is nothing but a bit player in the latest Greek drama. Yet somehow, he fumes, he's the one being punished by the gods. Those would be the ruling politicians of this sun-kissed land who, like Hercules and the Augean stables, face a cleanup task of mammoth proportions: getting rid of a toxic mountain of government debt that threatens the financial health of much of Europe. To do so, Greece wants to cut the pay of hundreds of thousands of civil servants on its overstuffed payroll as part of a tough new public-spending regimen.
September 4, 2009 | Associated Press
A Fremont, Calif., company that makes solar panels will receive a $535-million federal loan guarantee, allowing it to finish the first phase of construction of a factory, a government official said. The loan guarantee for Solyndra Inc. is to be made by the Energy Department as part of the $787-billion economic stimulus package. The expansion is expected to create as many as 3,000 construction jobs and 1,000 long-term jobs. The news is welcome for Fremont, a Bay Area city of 215,000 that was stung recently when Toyota Motor Corp.
May 22, 2009 | Eric Bailey and Patrick McGreevy
As Gov. Arnold Schwarzenegger's mammoth budget-cut proposal hardened partisan battle lines and stirred revolt, California officials scrambled Friday to scrape together a plan to keep the state solvent after the White House informed them that federal backing for emergency short-term loans is unlikely. State Treasurer Bill Lockyer testified before the Legislature that he had been told by Washington not to expect the loan guarantees. The state's senior U.S. senator, Dianne Feinstein, later said there was little chance of help.
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