LORDSTOWN, Ohio (WJW)– A loan program that could help breath new life into the former Lordstown General Motors plant may be in jeopardy.
The Trump Administration’s proposed budget would end the advanced technology vehicle manufacturing loan, saying it wants to protect taxpayers by eliminating costly, wasteful or redundant programs. The loan program supports efforts to build energy-efficient cars.
Lordstown Motors Corporation purchased the old GM plant and wanted to borrow $200 million from the program to get things started. GM was already giving the company a $40 million loan.
Lordstown Motors said on Monday it has not applied for the loan and is still considering financing options.
There are seven months left in the current budget year and the program has more than $9 billion to loan.