It will allow companies to tap existing medium- and long-term loans and loan guarantees for export-oriented domestic manufacturing projects as part of President Joe Biden’s push to bolster US supply chains.
“The Make More in America Initiative will create new financing opportunities that spur manufacturing in the United States, support American jobs and boost America’s ability to compete with countries like China,” the bank’s president and chair Reta Jo Lewis said in a statement.
The initiative was developed in response to the supply chain executive order Biden signed in February 2021. It will offer manufacturers access to fresh capital to fill critical supply chain gaps.
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