Auto Supplier Support Program
Financing for Auto Parts Suppliers
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With auto parts suppliers struggling as much as the auto companies themselves, this program, announced in March 2009, provided guarantees and financing for auto parts suppliers who might otherwise be unable to access credit. (For instance, suppliers could get a guarantee that they'd be paid for their parts even if the auto company they supply went under.)
On April 9, 2009, the Treasury made all of the funds available: $3.5 billion for General Motors' parts suppliers and $1.5 billion for Chrysler's. Ultimately, only $413 million was loaned out and all of that was returned.
The following list shows the 2 recipients of Auto Supplier Support Program.
|Name||State||Date Entered||Amount Committed by ASSP||Amount Returned to ASSP|
|GM Supplier Receivables, LLC||D.C.||Apr. 9, 2009||$290,000,000||$290,000,000|
|Chrysler Receivables SPV LLC||D.C.||Apr. 9, 2009||$123,076,735||$123,076,735|