(Reuters) -Memory chip maker Micron Technology is set to get more than $6 billion in grants from the U.S. Commerce Department to help pay for domestic chip factory projects, Bloomberg News reported on Wednesday.

The award, which is not yet finalized, could be announced as soon as next week, the report said, citing people familiar with the matter.

It is not clear whether the company also plans to accept loans available through the 2022 CHIPS and Science Act, the report added.

Micron and the U.S. Commerce Department did not immediately respond to Reuters requests for comment.

Over the past few months, U.S. President Joe Biden has announced several funding initiatives, including nearly $20 billion in loans and grants for Intel and a $1.5 billion grant to GlobalFoundries.

With an outlay of $52.7 billion, the CHIPS Act's goal is to reduce reliance on China and Taiwan and boost domestic production, as the U.S. share in global semiconductor manufacturing capacity has fallen from 37% in 1990 to 12% in 2020, according to the Semiconductor Industry Association.

(Reporting by Kanjyik Ghosh; Editing by Shailesh Kuber and Subhranshu Sahu)