Congress okays loan guarantees for producers

08/23/1999
The U.S. Congress has passed, and President Clinton is expected to sign, a bill providing federal loan guarantees for domestic oil and gas firms.The House of Representatives approved the bill 246-176. Earlier, the Senate had passed it 63-34.Under the program, independent petroleum producers and small business service companies will be able to borrow up to $10 million each until total loans reach $500 million.The bill provides a government-backed repayment guarantee for 85% of each loan, making it possible for commercial lenders to offer more lenient terms than they would otherwise. It also provides loan guarantees totaling up to $1 billion for steel producers.The oil loan program will be ...
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