government loans

Legislation is being introduced in the state house aimed at supporting small businesses and startup companies in the alternative energy sectors.

The legislation is co-sponsored by Democratic State Representative Marcia Hovey-Wright. She spoke with Jennifer White.

Hovey-Wright says, "Basically it’s a revolving loan fund for alternative energy, green manufacturing which includes, wind, solar, advanced battery and biomass. The intention is to create good paying jobs with good benefits."

Ricardo Giaviti / Flickr

Chrysler will pay back its federal loans in full today. Michigan Radio's Tracy Samilton reports:

It's another milestone in the company's long struggle to recover from bankruptcy. Chrysler will wire-transfer nearly $6 billion to the U.S. Treasury and $1.5 billion to the governments of Canada and Ontario. Chrysler used some cash from Fiat for the transaction - and refinanced the rest with loans from private banks and investors.

The move will save Chrysler $300 million a year in interest and is one more step towards independence from the government.

The U.S. Treasury still holds about eight and a half percent of Chrysler stock. Fiat could end up buying that stock in the future. As of today, Fiat owns forty-six percent of Chrysler.

The news is making headlines this morning: