Secretary of Energy orders sweeping changes in DOE to reduce cost, speed pace of deploying ARRA funds and loan guarantees

In Washington, Secretary of Energy Dr. Steven Chu announced that the Department will restructure its award process to speed up disbursement of funds from the American Recovery and Reinvestment Act (ARRA).

Dr. Chu said that the Department will add resources and change internal procedures to commence with loan guarantees under existing programs by as early as late April, and will offer guarantees using ARRA funds by summer.

The Secretary set a goal of disbursing 70 percent of ARRA funds by the end of 2010. The Department also will reduce loan fees, offer to charge fees at closing rather than up front, and will establish a website to “increase transparency in both the process and the results,” according to the Department. The DEO also pledged to work with industry to attract good projects into the loan guarantee program and assist in the navigation of the process.

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