President Obama said today (April 30) that the Small Business Administration (SBA) on Friday will announce “expanding eligibility” for loans to automotive suppliers and dealers, including “RV dealers.”
In a noontime speech while commenting on Chrysler Corp.’s impending bankruptcy, Obama said the federal government will provide independent finance company GMAC with the capital to supply retail and floorplan loans to Chrysler dealers and others.
“We will be providing additional capital to GMAC to help unlock our frozen credit markets and free up lending so that consumers can get auto loans and dealers can finance their inventories; a measure that will help stabilize not only the auto market, but the broader economy, as well,” the president said. “And tomorrow, the Small Business Administration will be announcing it is expanding eligibility for some loans to include more supplier and dealers, including RV dealers.”
The Associated Press reported that the president struck a populist tone during the speech while criticizing “a group of investment firms and hedge funds (who) decided to hold out for the prospect of an unjustified taxpayer-funded bailout” for Chrysler Corp.
“They were hoping that everybody else would make sacrifices, and they would have to make none,” he said. “Some demanded twice what they were getting. I don’t stand with them.
“I stand with Chrysler’s employees and their families and communities. I stand with Chrysler’s management, its dealers and the millions of Americans who own and want to buy Chrysler cars. I don’t stand with those who held out when everybody else is making sacrifices.”